If you’re looking for a one-word summary of corporate blockchain efforts in 2019, try “experimentation.” The hype is subsiding and more businesses are actively trying to figure out how they can actually use the technology to their benefit.
“2019 has continued what 2018 started – enterprises experimenting,” says George Spasov, blockchain architect and co-founder at LimeChain. “The finger-dipping exercises of the last year have encouraged further experimentation this year, while dragging along new experimenters.”
Blockchain experiments struggled to move from proof-of-concept to production in 2019, but now the tech is maturing.
Trading in hype for tangible results is always good news from an IT leadership perspective. But Spasov has some “bad” news, too: These experiments have struggled to move from proof-of-concept to production. It’s not actually that grim a report, though, because the challenge isn’t a lack of viable use cases. Rather, it’s a largely technical issue, and that is easier to solve.
“While in 2018 the proof-of-concepts were failing due to lack of product-market-fit, this year struggles with adoption are due to [a] much more fixable reason: technological immaturity,” Spasov says. “In 2019, we’ve seen proof-of-concepts being defined to address key areas in various businesses. From financial use-cases and asset tokenization to transparency and traceability of the supply chain, the technology promises to add significant value.”
[ Can you explain blockchain to non-techies? Read our related story, How to explain blockchain in plain English. ]
Clearing the technology hurdles standing in the way of value will likely be one of the key blockchain stories in the year ahead. Let’s take a closer look at that and other important trends IT and business leaders should be aware of in 2020:
1. Blockchain “tourism” gives way to serious projects
As Spasov notes above, most companies have been merely testing the blockchain…