Blockchain has already moved past the hype stage of the product life cycle. The swift pace of implementation in numerous areas of Industry 4.0. underscores this.
Unarguably, any industry seeking technology framework for smart processes can ignore blockchain only at their peril. Cavorting on the linchpins of security and privacy, these processes have extended their business scope by harnessing blockchain‐based security solutions. The overarching principles of decentralization, peer-to-peer contracts, transparency, irreversibility of records, and immutability are the lifeblood on which the adoption of the blockchain technology has thrived.
The blockchain technology has outgrown from being distributed ledger in financial applications to peer‐to‐peer networks that holds tremendous value in any industry and sector. Bewildering as the growth has been, organizations are engineering their own blockchain. And, amusingly, start-ups do not want to be laggard here. The expanding use cases for joining smart entities is what drives the revenue potential of the blockchain technology market. It is thus no surprise when a recent projection by a global firm has estimated the market to garner an impressive CAGR of 58.90% between 2016 and 2024.
Unite for the Transformation Potential for Industry 4.0
Disintermediation as the new business model for industry 4.0 spurs applications. Some of the industries wherein businesses put their bets are energy, healthcare, supply chain, IoT, transportation, and education. Blockchain-based business models are being viewed as accelerating new consumer propositions, tellingly. The implementation of blockchain in private and public sectors is likely to spawn growth for stakeholders in the blockchain technology market. Each industry will do that for a different proposition—for different ends and to bring transformative value for parameters crucial to them.
To take just one case out of many, the blockchain implementation for the supply chain IoT has helped them build trust. Businesses in the sector are integrating IoT with blockchain to boost traceability of the products from raw material sourcing to end product consumption, all with unparalleled transparency and security. A case in point is food industry.
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So incredible is the potential that even very conservative areas such as governments have realized the value for underpinning new economic models for the nation’s growth. Smart cities that leverage blockchain-based IoT might whet their appetite. Smart IoT-blockchain framework will give them new capabilities for them in resource management, such as smart water management and waste management. These areas are of scathing concerns for any government. Fraud and identity management are attractive areas to start with.
Educate or Perish: Time to Clear the Fog off the Smorgasbord
With such an incredible potential, the adoption rate lags behind surprisingly. Contrary to the popular imagination, the blockchain technology still unsettles corporates.
What makes corporates see red? The pervasive lack of awareness and scarce understanding for developing a blockchain ecosystem is the culprit. Some part of these bottlenecks are technical, no doubt. The prospects of the blockchain technology hasn’t been able to outsize its image rooted in bitcoin and cryptocurrencies. Over the years, controversial activities have largely fueled the myth. Collaborations across all stakeholders will do a lot to change the image, bringing positive sentiment to drive investments in the blockchain technology market.
But, worryingly, corporates themselves seem to place low trust. But, why has this been a flagging concern shouldn’t be anyone’s guess. As the oft-quoted fact goes: blockchain is majorly–about 80 per cen—a thing of ‘business process change’–and only 20 per cent implementation concern. Unarguably, at the moment organizational culture isn’t mature enough to reap the benefits. Not many corporates are zealously giving a go-ahead for reskilling their workforce with blockchain talent.
Fill the Gaping Hole for Widespread Adoption
Addressing the organizational challenges is the need of the hour.
Corporates must not rush through implementing blockchain tech applications, evaluating business cases carefully. Also, regulatory hurdles must be circumvented with a multifaceted outlook and concerted effort by all. Lack of standardization in blockchain protocols and interoperability across different networks are some of the other key challenges that must draw attention for stakeholders.
Embracing of technology isn’t a siloed effort after all.
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