According to technology conglomerate Cisco, 83 percent of business executives believe trust is the cornerstone of the digital economy. And as we’ve previously outlined, blockchain – also known as distributed ledger technology (DLT) – offers unique value by automating trust and addressing related business challenges surrounding transparency, complexity, and security.
The trust inherent in a distributed ledger system allows individuals, businesses, and governments to use the blockchain as “the source of truth” rather than one another, and also to automate how they manage “any transactional relationship,” Cisco reported.
Blockchain as a global megatrend
In fact, as industries continue to explore the various uses of blockchain, the technology has the potential to transform the business landscape. PricewaterhouseCoopers described blockchain as a “tech breakthrough megatrend” – and indeed, it is quickly gaining acceptance across the globe.
A recent survey found that 64 percent of senior-level decision makers in IT, marketing, and operations are intent on investing in blockchain solutions. A full 71 percent of decision makers believe that blockchain implementation would boost customers’ confidence in an organization’s ability to safeguard their data.
In addition, International Data Corporation’s latest blockchain spending report forecasts that worldwide blockchain spending will reach $2.9 billion this year alone – a growth of more than 88 percent over 2018.
Impact on the world economy
And as Cisco reports, blockchain will have a major effect on the world economy, capturing $10 trillion of global GDP by the year 2027.
Further, Cisco expects the blockchain market alone to reach $9.7 billion within the next two years. It’s exciting news for the still-emerging technology, as well as for businesses that are looking into becoming early adopters in this new world of autonomous digital commerce.
But challenges to widespread adoption remain.
Looking to the future
To unlock the full value of blockchain technology, some important issues must be addressed. As Cisco outlined in its report, the following are three major challenges to wider adoption:
- Platform standards must be established to meet complex enterprise needs;
- Multiple independent blockchain networks must be interconnected and interoperable;
- Industry-specific blockchain solutions need to be developed to transform business processes.
Major tech conglomerates are working on solving the first two problems so that blockchain networks can serve business needs across a multitude of industries. At Olypsis, we’re focusing on the third challenge – innovating specific blockchain solutions to help our clients achieve their true potential with the best tools and approaches at their disposal.
We believe mass adoption is only a matter of time. To learn how your business can unleash the benefits of distributed ledger technology – whether in data security, automation of contracts, supply chain management, or any number of other uses – feel free to contact us anytime!