The success of blockchain cannot be denied and it’s application is becoming vast and expanding day by day. The same has been told by Gartner.
It predicted that blockchain has the capability to generate around $3.1 trillion in new business value worldwide by 2030 and half of it would be 2025 that would be decorated with applications made for operational improvement.
David Furlonger, distinguished research vice-president and Gartner Fellow is of the opinion that, “Beyond operational improvements and increased efficiency, fully mature Blockchain complete solutions will allow organizations to re-engineer business relationships, monetize illiquid assets and redistribute data and value flows to more successfully engage with the digital world. That is the real business of Blockchain,”. Plus he thinks, “To unlock this potential, CIOs should use a framework to help their organizations better understand the timing of investments and the value proposition for Blockchain usage based on different solution archetypes.”
There are four different evolutionary phases that combine to makeup the broad blockchain spectrum. These phases will take long and will become full fledged and working in the upcoming years.
Blockchain Enabling Technologies
The base or the foundation upon which the technologies would add up and create a business model are what make up the blockchain enabling technologies. These technologies can be both blockchain or nonblockchain solutions.
To enable blockchain and make up a solution, the technological sector will need to make a further run for development and will also in fact see to the demand patterns in the market and its broad sectors.
There was a phase started in the year 2012 where business leaders, belonging to the financial sector worldwide, began head on to look for proofs and concepts through Blockchain. It is expected of this phase to last around 2020.
Those involved in the business of imparting and distributing blockchain infused solutions, are currently being able to use only up to three out of the five elements of blockchain which are distribution, encryption and immutability. These make up the blockchain Inspired innovations and are different from the blockchain complete solutions.
There are on the other hand, those parties which take full responsibility of giving away blockchain solutions, comprising of the entire five blockchain elements namely distribution, encryption, immutability, tokenization and decentralization. These solutions offer a much viable and expanded horizon to make use of the concept of blockchain and are called blockchain complete solutions. The last two elements that blockchain Inspired solutions lack, which are tokenization and decentralization respectively, are judiciously made use of in the blockchain complete. If progress is made in this, it will lead to enhanced blockchain, which is one step ahead.
As of 2025, it is expected of blockchain to become more advanced by taking under its umbrella, many of those small aspects and Technologies which are currently working independently. These comprise of Internet of Things (IoT), artificial intelligence (AI) and decentralized self sovereign (SSI) solutions.
These solutions in order to give the world a much out together and integrated face of technology will work towards expansions of blockchain glory and as a consequence, will lead to expansion in customer, the values that can be tokenized and exchanged. This will yield a maximum of smaller transactions to take place, which otherwise wouldn’t have been a practical reality if traditional mechanisms were in place.
Source – MoneyControl