Paramount Software Solutions Inc

How will Blockchain shape enterprises in 2020?

Will 2020 finally be the year when Blockchain will see a trigger of actual blockchain applications? This has often been discussed during many conversations within our team. Some executives feel while the narratives of use cases actually achieving an ROI will still take some time, and some feel that there would be a lot of interesting facts that will finally be revealed in 2020 about the technology.

So how will blockchain shape enterprises in 2020?

In 2020 the industry will witness a more realistic approach towards blockchain and its implementation. So does that mean it wasn’t approached realistically in the past? No – it just means that teams that were engaged in blockchain projects will take a more informed and strategic approach based on their learnings so far.

Blockchain as a Service

Blockchain will emerge as a service like that of a “plug and play” that will be accepted largely for its ability to solve a bunch of business problems like supply chain tracking, securing transaction storage, personal data managing, and others. Companies like IBM, Microsoft, Salesforce, Amazon, Alibaba, and many others have introduced their blockchain platform. IBM’s blockchain platform allows businesses to “develop, govern, and operate” a blockchain ecosystem through a flexible cloud platform quickly and saves cost. Walmart is already taking advantage of IBM’s platform for traceability and tracking in the food supply chain. Paramount Software Solutions launched Farm to Plate – a blockchain-based platform, for provenance and tracking for the food supply chain, and the platform can be customized for other industries that engage in provenance and tracking of products relevant to the industry.

The shift to hybrid & federated blockchains

There will be a shift from the more familiar permissioned private & permissionless public types. The permissionless, transparent P2P public blockchain often doesn’t work well for companies. Private Blockchains being cheap and fast, offer organizations the operational efficiency. The year 2020 will witness the emergence of hybrid blockchains, which will try to use the best of both public and private. It will allow participants to leverage decentralization seamlessly, and also protect sensitive data and improve performance.

Interoperability solutions like interchain, bridges will support public and private blockchain to work together, and as blockchain matures, the hybrid is set to become more and more mainstay. Facebook is set to launch Libra which will require a public network for consumers who will make purchases using digital wallets and a private blockchain network for the banks that will back the digital currency.

A more realistic approach

In 2020 the industry will witness a more realistic approach towards blockchain and its implementation. So does that mean it wasn’t approached realistically in the past? No – it just means that teams that were engaged in blockchain projects will take a more informed and strategic approach based on their learnings so far. There will be a rise of demand in delivering a particular solution to specific problems that could help existing projects get closer to production. The blockchain applications will shift from R&D or PoCs to a more focused end to end process with blockchain application.

Blockchain teams will emphasize on how the frameworks will perform, and integrate with existing systems, which in turn will see more successful implementations, and finally improving the functioning between blockchain and business management solutions.

Large Corporations & Government agencies will finally welcome Blockchain

In 2020, around 56% of large enterprises are expected to adopt blockchain-enabled technology based on a survey conducted across 780 business technology buyers in North America and Europe. Experts are predicting a surge of adoption of Blockchain in areas like data security, supply chain and electronic health records, relevant for both large corporations and governments. Healthcare companies would be investing heavily in blockchain options in the drug supply chain, clinical trial data, and electronic health records where the chain of custody or events will be the focus area for use of the technology. In the supply chain, large enterprises will see the PoCs expanding into full-fledged implementations in the area of provenance and tracking that will lead them to vouch for Blockchain.

Fitech firms, software makers, telecom providers, and other businesses will join forces to develop blockchain-based networks to prevent exposure of private data. Increasingly Know Your Customers (KYC) applications in Blockchain will be immensely adopted by large corporations in banking and finance for smoother and secured onboarding.

World Economic Forum forecasts a collaborative approach from the public sector, as 2020 progresses by witnessing an increased willingness from the public sector agencies to share learnings and challenges.

Blockchain will amalgamate IoT & AI more than ever

Network hacking and security breaches will surge in the 2020s, with more and more devices and IoT devices becoming mainstream. It would be on the network operators to stop intrusions and protect the privacy and security of users. Large enterprises dealing with network security will see the use case of Blockchain being able to mitigate the risks of the centralized architecture of IoT. Public blockchains will help participants in the network of nodes see the blocks and transactions stored that can be approved while still having the option of having private keys to control transactions. With Blockchain’s decentralized feature, the single point of failure weakness of the IoT network can be managed.

According to IDC, in 2020, almost 51% of businesses will be making the transition to Artificial Intelligence with blockchain integration. Why? Because with AI integrated, a blockchain application will result in tremendous improvement. Blockchain can help enterprises track, understand and explain decisions that are recommended through AI. Blockchain records all the data, and variables that go through a decision-making process – which then helps AI to make a decision. Thus for enterprises, the integration of AI and IoT in Blockchain application will leverage the business processes and systems objective of scaling up considerably.

Until 2019 Blockchain was more about identifying the right use cases, development of PoCs and toying with the idea of implementing the technology more with a “let’s see” approach. There was a lack of education, and understanding, and many myths associated with Blockchain made it harder to penetrate the mainstream adaptability. For enterprises that want to scale up and focus on transparency, immutability, traceability, and security of its document, events, and data management, 2020 would be the year of enormous importance because actual applications will see results. If you are still unsure of where you are in the adoption of blockchain, and yet do want to become a part of the movement, reach out to our blockchain team!

~ M.C.

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How will Blockchain shape enterprises in 2020?

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