Blockchain technology has exploded rapidly since Bitcoin became its first major successful use case, and it has continued to grow stronger and more dynamic over the years. We explore the evolution and potential of cutting edge technology.
Do You Believe?
Blockchain is finding home in the unexpected of places, and apart from its first major implementation in money and financial transactions, it has broken ground first in the most mundane of implementations. While large enterprises and financial giants have been reluctant at implementing blockchain on the global scale, the nascent technology first broke major large scale implementations in-fields such as petroleum trades in Saudi Arabia and Dubai, and also in shipping ledgers and transactions.
The year 2018 and early 2019 has seen blockchain take some significant leap, however, with many large firms and banks releasing blockchain patents in competitive manners, and HSBC bank becoming the first to integrate blockchain system on a global scale.
What Do We See in the Future?
A new study by State of the Enterprise Blockchain Study shares some interesting insights into what people think of the blockchain technology and its growth, and how much belief they have in it. The recent study explores the development of blockchain and how it influences businesses, now and in the near future.
Do people believe in this technology? Many have seemingly touted blockchain as a sort of answer to all problems plaguing the tech industry—something critics have never failed at pointing out. However, on a more realistic scale, State of the Enterprise’s study revealed that three-third of its total respondents strongly believe blockchain technology would already be mainstream in six years—2025.
Within the 75 percent – which contains both large enterprises and individuals— however, are enterprises which are reluctant at implementing blockchain on a much larger scale. This is either due to the need for further proof in the form of use cases or pre-built solutions to develop their blockchain business case or a result of lack of tooling and internal skills.
Early Adopters to Lead for Foreseeable Future
The recent TRON summit in January brought a light-hearted suggestion that small startups taking all the risk and buying into blockchain at an early age might end up buying the already big guns themselves.
According to the study, more than 80 percent with not three figure employees spent a total of $9million that was invested on blockchain last year. With smaller organizations possessing the element of risk and adventure, the careful reluctance of most big firms might cost them in the future.