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2020 Vision: these five trends of blockchain cannot be missed

Time : 30/05/2022 Author : lgisyk Click : + -
        If you are looking for a word to summarize the work of enterprises in the blockchain field in 2019, please try the word "experiment". The hype surrounding blockchain is fading, and more and more enterprises are actively trying to find out how to actually use the technology to benefit from it. George middot, blockchain architect and co-founder of a project; Georgespasov said, "2019 continues everything that began in 2018 — — enterprises are trying. Last year's exercise inspired further experiments this year and also attracted new experimenters.
 
        ”。 From the perspective of an it leader, it is always good news to exchange hype for tangible results. But spasov also has some "bad" news: these experiments are difficult to transition from proof of concept to production. However, the essence of the report is not so severe, because the challenge is not the lack of feasible use cases. On the contrary, this is mainly a technical problem, so it is easier to solve. "Due to the lack of product market fit, some proof of concept failed in 2018, and the adoption difficulty this year is due to [more] repairable reasons: immature technology," spasov said,. "In 2019, we have seen the definition of proof of concept to address key aspects of each business.
 
        From financial use cases and asset tokenization to the transparency and traceability of the supply chain, this technology is expected to bring great value. ". Removing technical barriers to value is likely to be one of the keys in the coming year. Let's take a closer look at other important trends that it and enterprise leaders should be aware of in 2020:. As spasov mentioned above, most companies only test blockchain. This data is consistent with some earlier data points at the end of 2018, indicating that most CIOs are not actively pursuing blockchain projects. A year later, recent research showed that the situation was changing. "From the perspective of enterprises, the blockchain sightseeing stage has passed, and the company has (fundamentally) no longer felt the need to understand the underlying technical details," Chris ·, head of Deloitte us blockchain laboratory; Brodson said.
 
        Brodson pointed out that according to the Deloitte 2019 global blockchain survey, executives said they expected the common obstacles to blockchain adoption (such as security threats, implementation challenges or regulatory issues) to be greatly reduced. "The consensus that has emerged is that blockchain is real and can be used as a practical solution to meet business challenges and use cases in all walks of life.". About half of the organizations participating in the survey said that they expected the average expenditure on blockchain projects to be $5million or more in 2019. This is consistent with another figure: 53% of survey respondents said that blockchain is one of their top five strategic priorities this year, with 43% in 2018.
 
        It is expected that by next year, even some skeptics will begin to re-examine the potential uses of blockchain technology, and this momentum will continue to develop. Spasov hopes that this will take the form of a more obvious transition from testing to actual production use &mdash& mdash; Not because of the upcoming blockchain revolution, but because companies that have been conducting proof of concept will begin to adopt the minimum viable product (MVP) method to run applications in production. "Although on the surface, 2019 has not changed much, the internal improvements made by the main distributed ledger Technology (DLT) technical team have increased the potential to significantly solve practical problems.
 
        It is a matter of time before the experimenters begin to use the new results and finally jump out of the barrier between POC and MVP. This is likely to happen in 2020. ". Brodson pointed out an overlapping trend: what research and experimental companies have been doing may also lead to the growth of "blockchain inspired" systems. Although they do not meet the purists' definition of blockchain, they will use key concepts to solve business problems. He pointed out the transaction functions that may be truly decentralized, such as trade financing, cross-border payment, digital certificates and supply chain optimization. "Blockchain has led many people to reconsider many business processes. These business processes can be transformed not only through blockchain, but also through blockchain heuristic solutions to solve many data sharing challenges today, such as reconciliation and data processing.
 
        In other words, genie has broken out of the bottle. By 2020, many blockchains or blockchain inspired solutions may be launched to create new ecosystems on a large scale. ". Technology maturity will become one of the biggest catalysts for the growing popularity of blockchain. Spasov noted the results obtained by blockchain in the pilot phase: the key ecosystem is adjusting its platform according to the lessons learned so far and the needs of actual business. "The two major enterprise DLT technology groups — — hyperledger and enterprise Ethereum Alliance (EEA) — — have heard of the failure of the experiment and have taken measures to solve the pain points they face.
 
        ”。 For example, spasov pointed out that the concept of "private data" was added to hyperledgerfabric earlier this year. In this case, the ideal blockchain technology &mdash& mdash; Completely transparent transactions &mdash& mdash; It is not always consistent with the reality of for-profit business, which in turn hinders adoption. This evolution can help resolve this conflict. "Theoretically, the idea of establishing a completely transparent system seems very powerful, but it is also Utopian," spasov said,. "In the real world, trade secrets generate profits.
 
        Few companies can operate in a completely transparent mode without losing their advantages. ". Another example is the lack of interoperability between blockchain platforms themselves and between blockchain platforms and existing systems. (more on this later.). Spasov said, "both problems have been recognized by major blockchain platforms, and the necessary steps to solve these problems are already in progress." He predicts that this situation will continue to accelerate in the coming year. "From 2019, the trend will continue, they will continue to understand business needs, and will further adjust their platforms to solve key adoption problems.". Data protection and privacy are one of the biggest obstacles for enterprises to adopt blockchain.
 
        Spasov believes that interoperability and integration (or lack of interoperability) are another obstacle. This includes interoperability and integration between ecosystems such as hyperledger and EEA and public blockchains. This trend should help alleviate some it leaders' legitimate concerns about betting too much on a single vendor or platform. But it also involves puncturing spasov's so-called blockchain "foam" &mdash& mdash; It means that blockchain supporters must accept the reality that if blockchain technology is to gain an important position in most companies, it must be able to coexist and integrate with existing systems.
 
        "Think about your ERP, CRM, etc." Spasov said. DLT technology still lacks development components that integrate and interoperate with these existing systems. This brings the burden of using two systems side by side to users &mdash& mdash; Historically, this has been the cause of many software (projects) crashes. Naturally, busy users rarely take the time to use DLT, which is still in the experimental stage. ". Spasov predicts that this will change in 2020 as the efforts of major stakeholders to address this issue begin to pay off. And spasov is not the only one who thinks so.
 
        "Until now, blockchain itself has been widely discussed as an application. This has contributed to the hype culture surrounding this technology to a certain extent, because some people want to see blockchain driven applications replace and replace traditional applications, which may or may not happen." Yangaoyang, chief operating officer of lucidity, said, "more realistically, I hope to integrate blockchain into more existing applications to provide tracking, auditing and recording functions with higher efficiency than our existing technology.". Yang pointed out that the supply chain in the food and automotive industry is an example, in which this integration between blockchain and existing systems may produce significant results.
 
        An overlapping theme of blockchain in 2020: slow and stable progress. If you think that blockchain will achieve disruptive adoption or collapse in 2020, or you want to win quickly, you may be in the wrong place. On the contrary, you will see the growth of blockchain solutions for real business problems. For example, Honeywell's godirecttrade, an online market for used aviation parts. This seems ordinary in all respects, but it is a multi billion dollar market, and the process of completing transactions is far more complicated than using credit cards or PayPal. "What's incredibly interesting about this industry is that $4billion of transactions change hands every year, and almost no transactions are completed online — — in fact, to complete one of the second-hand transactions, it takes an average of two calls and four emails," said lisabutters, general manager of godiretrade.
 
        Let's emphasize: in 2019, this is an industry worth $4billion, and it is still offline. Butters said that issues such as customer experience or persuading sellers to go digital are just bets. "Unless we find a way to build trust between buyers and sellers, we will not be able to open the gate of online transactions. Therefore, we need to turn to blockchain.". This is still in its infancy, but it is a good example from hype to practical application &mdash& mdash; For example, although some people may make you think that blockchain itself is not safe, although it can indeed be applied to practical applications.
 
        However, this principle will become the market driving force to promote the whole industry. "The privacy and security that a perfect blockchain solution can provide also brings other benefits that users appreciate, such as convenience and time saving.". At the same time, the barriers to blockchain adoption may be decreasing, but they will certainly not disappear. Wolfond said that the lack of a comprehensive understanding of blockchain will continue to be a problem, and the lack of technical skills and other challenges will continue to exist. There is another trap worth paying attention to: even if the blockchain hype subsides, there are still many people just chasing the trend, rather than pursuing practical business goals. Broderson believes that the increasing interest of enterprises in blockchain will require it leaders not only to ask "can we use blockchain here?", Also ask "should we use blockchain here?".
 
        
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