It seems like enterprise blockchain is between finding its “killer app” and being killed.
“Everyone had a killer app three years ago. That was the state of blockchain business,” Shyam Nagarajan, a director at IBM, said during a marathon session at Consensus: Distributed. “People have wisened up since then.”
There are a number of roadblocks obstructing the possibility of adoption and successful implementation of business-grade blockchain. Cited most frequently is the problem with scalability.
It turns out, it’s difficult to get other people or competing companies to join onto someone else’s private network, CoinDesk’s Ian Allison reported Thursday.
Sometimes this is the result of the market itself. Microsoft’s Riccardo Trubiani pointed out the total size of the Italian blockchain industry is 30 million euro. “Market opportunities define where people will invest,” he said.
But enterprise blockchain isn’t dead, yet. It’s a developing industry, with a learning curve.
Take We.Trade, the first enterprise-grade distributed trade financing platform. In a candidate appraisal of his firm’s performance, General Manager Ciaran McGowan said the firm has been going through growing pains.
Nearly everything that could have gone wrong, did. McGowan said the firm didn’t have the right governance structure – “plenty of ideas and talk, but no action” – infrastructure, or communications initially. The firm also over engineered its platform, building “a Ferrari,” McGowan said, while underdelivering on its compliance requirements – making it impossible for merchants or banks to feel comfortable signing on.
After a period of reorganization, (McGowan replaced the firm’s first Chief Operating Officer Roberto Mancone) We.Trade has its foundations in place, and is on the pathway to profitability, he said.
While McGowan is comfortable with the value proposition of blockchain for trade financing, there are other industry use…