In a recent survey by the management consulting firm Deloitte, over 50 percent of respondents said that Blockchain was critical and would be in their top 5 strategic priorities. That view seems to be supported by a market research report that Blockchain projects were likely to experience up to an 80% compound annual growth rate (CAGR) between 2018 and 2025! A September 2019 briefing suggested the global Blockchain market could top $160 billion by 2025. Other suggest that the Blockchain market in the United States will top $40 billion by 2025. Clearly a robust market with high growth.
When I looked into these results, it was unclear just how Blockchain fit and would be strategically leverage within organizations. A co-worker wondered what their definition of ‘strategic’ was! On the opposite end of the spectrum, a much smaller number, only 3%, felt Blockchain was not relevant. Without question, Blockchain fits somewhere in between the two ends of the spectrum. It would be interesting to examine the organizations in that 3% and find out their industry and operational model(s). Perhaps they have just not examined the current and projected Blockchain application suite that is widely discussed on the web. However, like most emerging technologies, there are those that believe the value of Blockchain is vastly overstated and may never come to fruition for many organizations.
Now for the issues. The number-one barrier that was identified in a recent survey was actually a tie between replacing and adapting existing/legacy systems (as usual) and regulatory issues. I am not really sure what they are getting at with regard to regulatory issues, at least at this time. I would have thought it was finding properly skilled resources to bring these Blockchain concepts into reality. I thought an in prompt to look into the applications might be of interest. Here are the top 5 application areas that was discovered.
- Smart Documents
- Security Applications
- Financial Applications
- Cryptocurrency Applications
- Asset Management & Tracking Applications
I like to get this groups opinion about a few of these topics. Here are a few questions. Have you managed a ‘Blockchain’ project? Is your organization actively exploring the use of Blockchain technology? How comfortable would you be if you were handed a Blockchain project to manage tomorrow?