Connecting Enterprises With Blockchain, Current Roadblocks And Future Solutions !
It’s been 11 years since blockchain been with us and everyone knows it’s potential to improve many industry, still there has been no major breakthrough except cryptocurrencies.
Below are some recent blockchain surveys :
- Oracle the technology multinational estimates that, by 2027, $8 trillion — 10 percent of global GDP — is going to be stored in the blockchain. Oracle also believes that Ethereum, with its ever-increasing network of smart contracts tech, is the key to unlocking the vast treasure trove.
- Global blockchain expenditure will purportedly account for almost $2.9 billion in 2019, which is an 88.7% increase from 2018. Per market research firm International Data Corporation, manufacturing and distribution services are predicted to see spending on blockchain amount to $653 million and $642 million respectively in 2019.
- WEF predicts that by 2025 10% of global gross domestic products will be stored on blockchain technology
- By 2030, a minimum of $3.1 trillion of Global GDP will pass through the blockchain. At Kintaro Capitalresearch indicates the potential of up to $25 trillion by 2030 (10% of global PPP.)
- Blockchain, or distributed ledger technology (DLT), is estimated by Gartner to create $3.1 trillion of business value by 2030 .
- A major U.S. technology firm recently released a report on the state of blockchain for enterprise. The report contains a wide variety of interesting statistics related to the growth of the blockchain industry, including a projection that the industry will be valued at $9.7 billion by 2021. Another recently released report, Blockchain in the United States: Forecast to 2025, analyzes market opportunities and risks inherent in blockchain technology in more than 75 areas across 11 industries. According to the report, blockchain spend in the United States increased by 110.1 percent during 2018 to reach $1,651.2 million. The report projects that between 2019 and 2025, blockchain will record a CAGR of 44.5 percent, increasing from $3,127.3 million in 2019 to reach $41,112.6 million by 2025.
What is the Roadblock ?
For public blockchain, it is regulations which will be accelerating blockchain use in public use cases in future.
For permissioned blockchains, it is the learning and implementation curve for businesses. Also there are no cost standards for equipping an enterprise with blockchain solution and no enterprise want to shut down their existing ERPs and make their staff learn a new blockchain based ERP.
In current blockchain solutions, there is a huge learning curve for solution creators, infrastructure managers and users. Cloud/bPAAS providers like Amazon, Oracle, kaledio and IBM etc are coming with many easy to use blockchain infrastructure management services. However to build complex use cases in an environment where multiple enterprises working under the same infrastructure it requires a lot of research so that resultant solution can be profitable for every participant . According to a survey by Gartner , around one fifth of relevant surveyed Chief Information Officers (CIOs) stated that one of the major roadblocks for the adoption of blockchain technology in their company is that it requires highly specialized teams that are the difficult to put together.Some of technological challenges in Enterprise blockchain are :
Data Management (Scalability , Performance , Better queries , Analytics , Archiving / Pruning of ever growing chains)
Transparent data sharing vs Confidentiality and access control
Plug and play integration with various systems of records
Governance of consortium operations
Interoperability Across multiple blockchain network and technologies
At Quillhash, we realised that these are common roadblock for enterprises to onboard a blockchain solution in their business processes, So We decided to bring a blockchain platform as a service (bPAAS) with marketplace for B2B companies which will enable them to build custom solutions using a visual solution modelling smart contract designing language for multiple domains like supply chain, coalition loyalty programs, distributed ownerships, Arts provenance, luxury and marketplace for developers which will enable them with features like smart contract continuous integration, smart contracts release management, monitoring and many more.
Also we will also provide enterprise adapters to connect these features to existing major enterprise software solutions and consumer focused mobile app which will act as entry for consumers to the marketplace. For ex: Any consumer purchasing medicine can simply scan the QR Code on medicine packet to check the authenticity if medicine is manufactured and tracked on our platform. So this will bring a single app for consumers to track multiple industry product authenticity.
Stay tuned for the next update !!
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