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Blockchain is an increasingly important technology for companies that require reliable transactions and secure storage. Companies can monitor transactions with greater security and security, and the adoption of blockchain – completely distinct from the cryptocurrency hype or doom – is steadily gaining in corporate environments.
However, while the technical benefits of blockchain technology are widely recognized, companies looking to make budget decisions and launch test projects or complete implementations should know where this technology is, what tools are needed and what challenges can be expected. I spoke with Emmanuel Thiriez, founder of Amalto and Platform 6, with over 15 years of implementation and management of business applications for clients in various sectors, to find out what he sees someone "in the trenches". Thiriez's company has an impressive list of customers (Chevron, GE, Iron Mountain, Suez, Superior Propane, Thales) with B2B applications supported by Platform 6, a blockchain development platform.
Thiriez warned of the overestimation of the impact of the blockchain in his organization "immediately", but is extremely optimistic about the medium and long term prospects.
Overall, there are all indications that corporate adoption will continue to grow in 2019. According to Thiriez, the following 5 trends are critical to blockchain success. He also presented a very visible blockchain project in 2019 to follow.
1. Decentralization of apps, not just the ledger
Implementing blockchain to ensure traceability and record immutability is only part of the story. 2019 will see more decentralization of the app itself. Too many applications that use a blockchain ledger are based on a centralized application that represents a single point of failure and also a vulnerability that could allow data tampering before it is written in the ledger.
The same approach must be applied to the application logic, which must be decentralized without a single point of control. Each business partner or member of the ecosystem manages their app. Building such applications is not an easy undertaking, but it is a necessary step to ensure the adoption of blockchains for business use.
2. Off-line components are important for enterprise-class apps
Building business apps is a complex project. Business apps are often designed to operate in a global corporate or government environment and must view, manipulate and archive large amounts of complex data and support the automation of business processes with that data.
The application of blockchain technology is important. However, the blockchain ledger is only a small part of the general business app. Many off-chain components are also needed: user management, workflows, system integration, user interface, API, security, event mediation and much more.
In 2019, more and more applications that are designed and designed beyond the blockchain ledger and its smart contracts will make the cut.
SEE ALSO: "Because blockchain technology is useful, it must first be enabled by the API"
3. Recognizing the importance of non-technological issues
As often happens with cutting-edge technologies, there are many non-technological problems to deal with. Management of the ecosystem, specific industry practices, legal issues that have little to do with the blockchain itself, but everything related to the success or failure of blockchain implementation.
This problem is highlighted by the Forrester Principal analyst, Martha Bennett, who states in his blog post "Predictions 2019":
I often use the phrase "blockchain is 80% of the business, 20% of the technology". If nothing else, the 80% is low and we will continue to see the projects blocked or even fail because the attention of the companies is focused 20%.
When blockchain projects are implemented, companies that pay attention to these non-technological problems in 2019 will have higher success rates.
4. Blockchain and the Internet of Things
The convergence between blockchain and the Internet of Things (IoT) is catching on. The adoption of IoT is significantly increasing the number of devices and sensors that collect data and many parts are typically involved in a commercial transaction based on such data.
Blockchain enables secure registration through an immutable ledger and enables decentralized operations and transactions while maintaining trust among all actors in the value chain. Search for the intersection of these two technologies to accelerate the implementation of both.
SEE ALSO: An introduction to Blockchain
5. An evolving ecosystem
The blockchain ecosystem continues to evolve rapidly. Last year saw the dominance of Ethereum, Hyperledger Fabric and R3 & rs; Corda as the major blockchain platforms. It is clear that the new platforms will continue to emerge with different strengths, and this will mean that the popularity of the platforms will increase and decrease. Having the ability to develop for different platforms, the prototyping of new ones if necessary, will be a strong point for companies. In other words, in assessing blockchain technologies, there will not be a single size in 2019, and companies need to be prepared to move from one technology to another.
Big projects will increase the visibility for blockchain
Several major blockchain projects in 2019 will influence the interest in technology. One of the main to watch is Walmart. To better guarantee food safety, Walmart and Sam & # 39; s Club require product suppliers to track their products using blockchain technology.
Can Walmart and its suppliers ensure that all the different farm-to-table steps are completed accurately and safely? If Blockchain delivers as promised, this will significantly increase visibility.
Suppliers still have time to implement, but the system outlined by Walmart is scheduled to be operational by the end of 2019.
SEE ALSO: "Decentralization is more important than blockchain"
Summary
Blockchain is evolving rapidly. 2019 will see new projects and new platforms continue to emerge. A key trend is the greater decentralization of the app itself. Currently, too many applications using a master blockchain book are based on a centralized application. The understanding of this problem is increasing. Likewise, paying attention to off-chain components as a key part of your blockchain project and being flexible in assessing your blockchain platform will continue to be key success elements in the coming year.
