The Massive Adoption of Block Chain Technology

BlockchainIn 2017, blockchain—the technology enabling Bitcoin and other cryptocurrencies, grew tremendously and was adopted widely. So, will 2018 be another glory year for the technology? I certainly think so and here is why!

In terms of growth and acceptability, 2017 was one of the best years that blockchain has had to date.  At the start of the year, many people predicted that 2017 would be year when technology will make the shift from proof-of-concepts to production. While there have been significant movements in this regard, the shift is yet to materialize. Nevertheless, Blockchain experienced growth in many other aspects including the formation of business networks enabled by it. An example of such a network is the Digital Trade Chain consortium (DTC).

While the implementation of blockchain in 2017 wasn’t as wide as people expected it to be, the technology did enable tremendous and unprecedented market cap growth of Cryptocurrencies such as Bitcoin.

How Blockchain Can Benefit Businesses

Businesses currently exploring the blockchain technology are either secretive on information, or are simply biding their time and watching events unfold from the sidelines—making it difficult for themselves and other businesses to unearth what’s really happening.

The good news is that blockchain associations such as Blockchain NYC are holding events to help business discover how blockchain may apply to them. One such event: Bringing Your Company on Blockchain, was held in November this year.

Many events that talk about the business applicability of blockchain have been held in the past but the aforementioned-event is the first one of its kind to provide businesses with actionable steps to implement blockchain and make a smooth transition to this technology.

Held at the eBay startup space, the event was attended by representatives of small businesses, medium-size corporations and even large enterprises. People working for some of the biggest corporate names out there such as Wells Fargo, Mckinsey, and AIG also took part in the event. Companies differing in size, experience, and direction sharing the same space was a sight to behold.

Unlike other Blockchain events that discussed the blockchain technology but suggested no actionable steps for its implementation, the Blockchain NYC event showed participating businesses how they can apply the technology.

The event also informed the participants about where the blockchain technology was headed. The event was a real eye opener as it exhibited just how many businesses see blockchain as a solution to many of their underlying problems. Following are some of the takeaways from the event:

Blockchain Can Apply to Almost Any Business

Though it’s still evolving and in its early years, the blockchain technology can be applied to almost any business. Both small and big businesses can use this technology in payments, staffing, tracking, accounting, operations and more. The blockchain technology can replace existing structures and build pronounced efficiencies for existing processes and workflows.

Business Will Benefit from Efficiently Incorporating Blockchain Into Their Workflows

The further the technology penetrates the industries, the more value the different businesses will find in its application. As the different industries experiment with and embrace blockchain, several adoption and stabilization phases will be witnessed. Just like any adoption curve, it will resemble a rollercoaster ride. However, the most intelligent companies will find a way to make the ride smooth—using efficient ways to incorporate blockchain into existing processes and workflows. This will allow them to take great strides and continue leading their respective markets and industries.

Businesses Need Guidance to Ensure Successful Blockchain Use

This is a no brainer. You cannot ensure successful implementation of blockchain for your business without proper guidance. For everything in life, you need guidance and this includes the implementation of the blockchain technology for your business. By taking help from a qualified blockchain consultant, you will make the adoption and integration of the technology not just easy for your business, but also productive and effective.

The Year Ahead for Blockchain

Based on the analysis of market experts, following are some blockchain predictions for 2018.

Blockchain Will Influence Change in Business Models

As blockchain starts to alter the market, companies will start to consider changing their existing business models. Today, middlemen are not as valuable as they were in the past. In such times, businesses can benefit from becoming partners in ecosystems or on wider platforms. This means that businesses may have to change their existing business models. Considering the benefits that blockchain can enable, businesses are likely to want a slice of the pie which in turn will cause a change in their business structure/model.

More Blockchain Solutions will be Produced

As the ‘low-hanging fruit’ are addressed, more blockchain solutions will be produced. In 2018, enterprises are likely to digitize their business and try make the most of the blockchain technology. The two most prominent applications of fintech are payments and trade finance. In 2017, blockchain was enabled for payments and 2018 could be the year the technology is implemented for trade finance. Also, as the big banks start to realize the potential benefits, the implementation of blockchain for payments will increase during the year. For them, the biggest lures will be the transparency, lower costs, lower risk profiles and real-time processing enabled by the technology.

Today, there is massive adoption of the blockchain technology. The adoption of the technology continues to grow each day as more and more businesses are starting to realize the potential benefits of using blockchain in their operations. The blockchain technology is only going to get bigger and better!

 

 

by Bobby J Davidson

We love our company and we love what we do.  Check out the ‘Why Percento‘ page to learn more: Love of Technology and Business!  As the President of Percento Technologies International, I provide day-to-day leadership to the company’s senior management and I am personally involved in the strategy, business development and sales activities of the firm.

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