Blockchain – A Strategic Imperative?
From the Emerging Technologies Blog
by Kevin Coleman
UPDATED MAY 2020 - This blog will appear monthly from now on. Today, all organizations depend on technological innovation in order to sustain their existence. Analysis of emerging technologies and identification of those technologies with the greatest potential is essential to being prepared for upcoming projects. The objective of this blog is to establish future oriented technology analysis and insights. This blog was established to provide program and project managers with information about these emerging technologies. These emerging technologies have far reaching repercussions for program and project managers. This blog will jump-start the learning process and allow program and project managers to become proactive.
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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?
Posted on: November 27, 2019 08:55 AM |
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Comments (13)
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Mark Markowitz
Project Executive| Independent Consultants
Ontario, Canada
I consider most of blockchain apps as infrastructure and not really strategic. Perhaps that is changing or will change.
Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates
New Westminster, British Columbia, Canada
Interesting subject Kevin but I can’t weigh-in in your questions as my answer is No, No, and No I won’t be comfortable given that I am not into blockchain.
Priya Patra
Delivery Director| Capgemini India Technology Services Ltd
Mumbai, India
Interesting post. I have not managed any blockchain projects as such, but I wonder how we can leverage blockchain for project management ?
Luis Branco
CEO| Business Insight, Consultores de Gestão, Ldª
Carcavelos, Lisboa, Portugal
Dear Kevin
Interesting your reflection and questions
Thanks for sharing
I know little about this technology.
Honestly enjoyed knowing more
Thanku for Info and would like to know more about it......Never used Blockchain
Kevin Coleman
Subject Matter Expert, Author, Speaker and Strategic Advisor| - Insights
Pa, United States
@ Rami - based on 8 weeks of asking in my phone conversations, 92% have your answers. This post seems to have the same response. Once again a strategic initiative?
Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates
New Westminster, British Columbia, Canada
Kevin, what do you mean by Strategic Initiative. I did not quite get the question ?
Georgia Harris
GLH Project Manager| Independent Consultant
Pa, United States
Kevin Coleman
Subject Matter Expert, Author, Speaker and Strategic Advisor| - Insights
Pa, United States
@ Rami I am wondering what application(s) make Blockchain strategic as 50% of the Deloitte study respondents said it was.
Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates
New Westminster, British Columbia, Canada
@Kevin: I honestly can't weigh-in on this as it is not an area of strength so not sure my feedback will add value but I would be interested to see what others respond.
Drew Craig
Sr. Agile & Product Coach| Vanguard
Philadelphia, Pa, United States
Thanks, Kevin. Curious to see how this pans out. Those numbers seem aggressive and optimistic, though, I am not as in-tune in this area as others.
Answers:
Have you managed a ‘Blockchain’ project? No
Is your organization actively exploring the use of Blockchain technology? No
How comfortable would you be if you were handed a Blockchain project to manage tomorrow? I would not be uncomfortable
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