Blockchain not ready for Prime Time, but get closer

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Perceptions about blockchain, the distributed global register (or distributed register technology if desired), were fluctuating back and forth , from openly skeptical (or "too good to be true" or just another data management mechanism) to breathless predictions of shaking the world as we know it … Maybe the reality is somewhere in the middle. is that the cases of use and the applications of the real world have not yet captured all hope and clamor.

Blockchain continues its ascent. Photo by Joe McKendrick

We know: many organizations they are at least testing the waters, to see what is all about blockchain and if it makes sense for their business models. Deloitte's characters have observed adoption patterns and suggest that some efforts are emerging. You were. "While blockchain is not yet ready for the first time, it is becoming a loser at its time of escape every day. "In a recent survey of 1,000 executives, there is evidence of momentum" from "blockchain tourism" and exploration to building business applications. "About a third of executives surveyed, 34%, say their company already has a blockchain system in production, while another 41% of respondents expect their organizations to deploy a blockchain application within the next 12 months.

Here's the real kicker: almost 40% of respondents say that their organization will invest $ 5 million or more in blockchain technology in the coming year.The money is so serious they are engaging in this new way to share, validate and to store data, however, there is a problem.The world of applications has not yet reached the blockchain. "The addition to the uncertain state of the adoption of the blockchain is the fact that over 41% of respondents say they expect their organizations to bring blockchain into production by next year, 21% of global respondents and 30% of US respondents say they are still missing n & # 39; convincing application to justify its implementation, "according to Linda Pawczuk, Rob Massey and David Schatsky, authors of the Deloitte report.

The problem, as reported, "is that for all the talk about the promise of blockchain, there are very few cases of active use that can currently be used to advance their beliefs." Consequently, a certain "blockchain fatigue" "It is beginning to creep into those who feel its potential has been over-communicated, while its advantages in the real world remain elusive."

Yes, there are some interesting use cases now in the demonstration phase – including a supply chain of 19459018 supply chain & nbsp; IBM by IBM and Maersk, and a food chain demonstration blockchain-based blockchain from Walmart. But it will take some time before the blockchain becomes common in businesses. & Nbsp;

Additional issues include scalability, security, and the need for consortia to support industry-specific networks.

Deloitte's research suggests that the time of the blockchain may not be here yet, but its effects will be pronounced in the coming years. A significant proportion of early adopters in the business world (59 percent) believe in the potential of the blockchain to destroy and revolutionize their industries – and the general economy.

A good starting point would be to stop considering the blockchain as a technology, the state of Pawczuk, Massey and Schatsky. "Organizations should stop considering the blockchain as a" new "technology, because it really is not, just as Uber has achieved success by building a unique business case by combining three existing technologies and protocols (cars, online reservations and online payments) in a new disruptive model that has changed public transport, blockchain has the same promises for companies in various industries. "This break is already starting from companies offering blockchain-based services, including cloud storage, file storage and services cybernetic & nbsp; & nbsp;

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Perceptions on blockchain, the distributed global register (or distributed accounting technology, if you want), you have swung back and forth, from pure skepticism (or" too good to be true "or just another data management mechanism) to the breathless predictions of shaking the world as we know it.Perhaps the reality is somewhere in between.The problem right now is that the cases of use and the actual applications have not yet reached all hope and clamor.

Blockchain continues his ascent Photo by Joe McKendrick

We know this: many organizations are at least testing the waters, to see what the whole blockchain is and if it makes sense to their business models. Deloitte specialists looked at adoption patterns and suggested some. Efforts are emerging. "While blockchain is not yet ready for prime time, it is getting closer to its momentum. evasion every day. "In a recent survey of 1,000 executives, there is evidence of" shifting momentum from "blockchain tourism" and exploration to building practical business applications ". About a third of executives surveyed, 34 percent, say their company already has a blockchain system in production, while another 41 percent of respondents expect their organizations to deploy a blockchain application within the next 12 months .

Here's the real kicker: almost 40% of respondents say their organization will invest $ 5 million or more in blockchain technology in the next year. The money is so serious are engaging in this new way to share, validate and archive data. However, there is a problem. The world of applications has not yet reached the blockchain. "The addition to the uncertain status of the adoption of the blockchain is the fact that over 41% of respondents say they expect their organizations to bring the blockchain into production by next year, 21% of global respondents and 30% of US respondents still lack a convincing application to justify its implementation, "according to Linda Pawczuk, Rob Massey and David Schatsky, authors of the Deloitte report.

The problem, as reported, "is that for all the talk about the promise of blockchain, there are very few cases of active use that they can currently employ to advance their beliefs." As a result, a certain "blockchain fatigue" is starting to creep into those who feel that its potential has been overwritten, while its real benefits remain elusive. "

Yes, there are some interesting use cases now being demonstrated – including a & # 39; based on blockchain-based shipping chain initiative by IBM and Maersk and one based on blockchain demonstration of Walmart's food chain . But it will take some time before the blockchain becomes common in businesses.

Additional issues include scalability, security, and the need for consortia to support industry-specific networks.

Deloitte's research suggests that the time of the blockchain may not be here yet, but its effects will be pronounced within a few years. A significant proportion of early adopters in the business world (59 percent) believe in the potential of the blockchain to destroy and revolutionize their industries – and the general economy.

A good starting point would be to stop considering the blockchain as a technology, the state of Pawczuk, Massey and Schatsky. "Organizations should stop considering the blockchain as a" new "technology, because it really is not, just as Uber has achieved success by building a unique business case by combining three existing technologies and protocols (cars, online reservations and online payments) in a new, disruptive model that has changed public transport, the blockchain has the same promises for companies in various sectors ". This break is already beginning with companies offering blockchain-based services, including cloud storage, file storage, and distributed cybernetics.

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