American market research company Forrester recently released its blockchain predictions for 2021. The report reveals interesting findings, noting that 2020 has been an important year for growth in the enterprise blockchain and distributed ledger technology space.
Martha Bennet, principal analyst at Forrester and a co-author of the report, told Cointelegraph that the firm’s blockchain predictions are based on inflection points that show definite changes rather than the continuation of trends. For instance, the report predicts that 30% of global projects will make it into production next year. This is partly due to the impact of the COVID-19 pandemic.
According to Bennet, many of the blockchain-based systems that are live today share a common factor: less time involved to resolve discrepancies. In some cases, this could even be instant. Bennet noted this common factor applies to supply chain use cases as well as in financial services:
“It’s not just about needing fewer people to accomplish certain tasks; it’s also about shortening elapsed time and freeing up liquidity. A key point is that it’s possible to make it happen today, in the context of existing processes and operating models.”
Development “takes time”
While this may be, Bennet shared that the more long-term strategic projects in financial services tend to revolve around potential changes in market structure and operating models. Many of these cases also require regulatory adjustments. “This takes time, resource and effort. That’s the main reason why COVID-related volatility and uncertainty has led many banks to pull back from some of those more long-term DLT-related projects for the time being,” Bennet said.
The report also states that almost all the initiatives set to go from pilot into production next year will run on enterprise blockchain platforms that utilize the cloud. These most likely will include solutions from Alibaba, Huawei, IBM, Microsoft, OneConnect and Oracle.