Source
r/CryptoCurrency•
FleeForce

Blockchain Is Gaining Trust In The Enterprise

GENERAL-NEWS

A recent survey from Deloitte’s 2019 Global Blockchain Survey: Blockchain gets down to business. which interviewed 1,386 senior executives in twelve nations has produced some very positive results when questioned about the importance and relevance of Blockchain and its adoption.

Many companies are now offering enterprise-grade blockchain solutions such as Amazon, IBM, Aergo and Oracle and the list of both companies as well as clients interested in the enterprise space is growing!

Some interesting figures from the Blockchain Survey shows that enterprise are "Bullish" on blockchain. I have listed some below.

  • 86% of senior executives interviewed believe that blockchain technology is broadly scalable and will eventually achieve mainstream adoption.
  • 53% of senior executives say blockchain has become a critical priority for their organization this year, 10% higher than last year.
  • Financial services and financial technology (fintech) sectors are leading in blockchain development, according to Deloitte.

Blockchain’s three greatest organizational barriers include implementation (which includes replacing or adapting existing legacy systems), regulatory issues, and potential security threats.
Additional barriers include lack of in-house capabilities, uncertain Return on Investment (ROI), concerns over the sensitivity of the information, and the lack of a compelling application of the technology. The following are the respondents’ responses to the question, What are your organization or project’s barriers, if any, to increase adoption and scale in blockchain technology?

Peoples perception of barriers are becoming more positive

​

https://i.redd.it/114kbza67p031.jpg

  • 18% of enterprises are planning to spend $10M or more on blockchain initiatives this year, and 23% will spend between $5M to $10M. Senior executives based in each of the twelve nations included in Deloitte’s survey are predicting wide variations in blockchain investment levels. Luxembourg, Switzerland, and Germany are the home nations of enterprises planning to invest $10M or more in blockchain technologies in the next twelve months.
  • Blockchain use cases are proliferating today, with data validation (43%), data access/sharing (40%), and identity protection (39%) being the most popular. Enterprises are piloting blockchain to improve payments, achieve track and trace accuracy throughout their supply chains, and evaluating the digital currency aspects of the technology. It’s important to note that 87% of enterprises first start evaluating blockchain due to its innate strengths for enabling completely automated or touchless business processes. 86% of enterprises are evaluating and piloting blockchain to achieve the goals enabling new business models and revenue streams. Please click on the graphic to expand for easier reading.

All in all, a very positive outlook from important people in the enterprise space. Have a look at the survey which is linked above for more details!

Posted May 27, 2019, 6:29 AM UTC

396
AintNoShillSilver | QC: CC 40•

Why spend money on blockchain research when you can use ICOs to bail out your losses :-) Like Petro, Kodakcoin, or the Vodi X IEO last week (a failing company with 5 digit in sales and 7 digits in losses within a single year)

3
Shichroron•

Everyone excited about Blockchain until they realize that in 99% of the cases it’s just a glorified DB

2
Arknark•

I thought this was about Star Trek from the title

2
tamastorok2 - 3 years account age. 75 - 150 comment karma.•

Would love to know if enterprises want to launch their own blockchain OR use an existing one (if so then which one is preferred?) I'm afraid large companies prefer to launch their own blockchain instead of using an already available one. Change my mind. :)

1
jluke251Silver•

It depends on the use case. In some instances, private blockchain is sufficient, whereas in others, a public, third-party blockchain is the better option. Research VeChain and you can see dozens of use cases where enterprises such as Deloitte, BMW, PwC, Brightfoods, PICC, DNV GL to name a few, are electing to use VeChain’s public blockchain over a private one. Anything that requires trust between an enterprise and a client / customer / end-consumer would be better suited for a public blockchain. i.e. verification of goods, anti-counterfeiting, public records, supply chain management etc... It holds the enterprise accountable for what they “say” and “do” and can also be used to build brand trust with the consumer.

I’d ask you this, as a consumer who do you trust more? A public, non-biased consensus that all agree on the information that’s important to you, or a single entity who could theoretically manipulate and write false info to their own blockchain to mis-lead the public, their users or customers? Would you trust a privately built and managed blockchain by Facebook more, or a public blockchain that holds facebook accountable?

3
_ThiswillexplodePlatinum | QC: VET 248, CC 100•

Very good points made, and Vechain questioned many enterprises to determine what they are actually looking for in terms of a product, then they went back and developed solutions to cater to exactly what these companies needed, smart business!!!!

1
[deleted]•

[deleted]

0