Enterprise blockchain platforms are facing inevitable obsolescence. Businesses should be well-prepared for the change without missing out on benefits.
A report by Gartner in 2019 stated that 90% of enterprise blockchain platforms would be obsolete by 2021 to cross-industries and by 2023 to the supply chain. Their interpretation of this conclusion is based on their arguments about the market fragmentation and lack of solution packages. However, experts still believe in a bright future of enterprise blockchain solutions with $176 billion value estimated by 2025 and explode to $3.1 trillion by 2030.
Life in the digital world is changing rapidly; obsolescence of technology is inevitable. So what should existing blockchain platform developers as well as businesses interested in this technology do for the change?
To blockchain itself and enterprise blockchain platforms:
Blockchain is a distributed ledger that stores data linearly in “blocks” using cryptographic algorithms. Managers use blockchain in their businesses because of its transparency, security and cost-effectiveness.
The encryption algorithm and the distributed ledger concept have been around since the last century. However, the explosion of blockchain technology in recent years shows that blockchain itself is not obsolete or improving but depends on human decisions and initiatives.
For example, the launch of Hyperledger Fabric 2.0 is to strengthen the perfect match position of the platform for building up other enterprise blockchain platforms. This version significantly improves security, licensing, and scalability for enterprise blockchain solutions.
Also, the combination of other technologies such as IoT or other data validation tools will help improve the input quality data, reduce errors caused by human manipulation.
Business managers need to well-prepared for the change:
Many businesses are adopting blockchain in a hurry based on initial excitement and hopes of achieving short-term results. However, CIOs need to determine from the outset that blockchain is a technology that comes with long-run benefits. Its immutability will be a great advantage in accumulating valuable information to cater to great corporate opportunities.
So, before embarking on a blockchain project, businesses should:
- Know yourself:
Any implementation of a decision or project has to come from the company’s internal needs and goals, along with the market demands. Understanding the current situation and the company’s upcoming plans will help businesses have a more precise estimation and a specific need for solutions and technologies that are necessary.
Example: A loyalty program is to achieve sales promotion goals, encouraging customers to come back more. However, even though there are many loyalty solutions with colossal investment, 70% of these programs are not achieving the expected results because these programs are only based on enterprises’ one-way information but not form direct interaction with buyers.
The Loyalty and Reward Network solution of akaChain helps to optimise the use of reward points from customers’ shopping activities. By redeeming and using a single bonus point, our solution connects different merchants, expands the customer’s gift choices, gives them what they need, and improves the results of using bonus points. Information from using these bonus points will then return to the business, creating valuable information of customers.
- Update skills, technology information:
Information about blockchain technology is abundant and always up to date. Many reputable sites are discussing this technology, such as Forbes, Gartner, etc.
akaChain also provides information around blockchain and organises seminars related to technology development for enterprise digital transformation, with the participation of many experts, CEOs, CIOs from different fields. (More information on our website: akaChain.io).
Besides, we also provide white papers, open-source projects on Github for developers who want to build their blockchain projects at https://github.com/Akachain.
The future of enterprise blockchain platforms:
From leaders to employees, from bankers to farmers, there are blockchain-based solutions to suit their needs.
Blockchain solutions are still fragmented. However, with a structure designed for easy integration of blockchain for businesses, the ability to create a blockchain ecosystem without interfering with each other’s data and privacy is worth to expect.
The obsolescence of blockchain initiatives is inevitable and should be included in the business development plan. Yet, blockchain, with the mission of storing data for transparency, security will always be important to businesses. Based on these features, blockchain-based solutions can transform to suit actual needs in the future.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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