7 Enterprise Blockchain Trends Driving 2020 Adoption
One month into 2020 and the momentum behind blockchain and distributed ledger technology (DLT) continues. In a new report, the R3 Team has outlined the key enterprise blockchain trends and predictions that business leaders, enterprise architects and application builders should consider in 2020 as they evaluate or re-evaluate their blockchain strategies.
Enterprise blockchain: Out of the trenches
If 2019 saw many industry projects deep in the ‘trenches of deployment’ then 2020 will be seen as a watershed year for production applications as they emerge on the front-lines to deliver business value at scale. Gartner predicted that banks alone would derive around $1 billion of value from the use of blockchain-based technologies by 2020. There is potential for that number to rise exponentially as networks connect, transact and grow and as blockchain solutions impact the wider economic value chain.
But complexity is the enemy of adoption. For blockchain / DLT to be practical and scalable across many different organizations, each with very different goals and pre-existing technologies, underlying platforms need to strive for simplicity in terms of deployment, operational management and user experience for node and network operators.
The value of privacy
Business and technology leaders are becoming ‘smarter customers’ for blockchain — learning from past engagements to ask the ‘right questions’ in key areas (such as privacy, performance, transaction confirmation, and enterprise integration) in order to make more informed choices.
As blockchain businesses reach greater maturity in 2020, organizations will become more focused on the wider business issues of governance, connectivity and the best path to expansion, as networks and applications look to scale and see value in working together.
Digital currency momentum
Public-private partnerships will accelerate digital currency initiatives — providing impetus for central bank initiatives and widespread enterprise token adoption (and micropayments and the tokenisation of real-world assets will open up a longer tail of opportunity across multiple industries) in 2020.
Those companies that made the right platform choices in 2018 and 2019 are seeing their efforts pay off now. Newcomers can benefit from this period of blockchain ‘battle hardening’, leveraging the expertise of providers like R3 that can quickly provide the guidance, best practices and business case validation necessary to take a confident first step forward.
Blockchain 2020 Vision
R3’s Blockchain:2020 Vision report provides our predictions based on the market call to simplify blockchain deployment, connect business networks and enable seamless and atomic transactions.
Download it here to explore the following trends in more detail:
- Deployment — focus on fast time-to-value and resilience
- Simplifying privacy — the most elegant solution wins
- The ingredients of interoperability
- The emergence of Consortium 3.0
- New drivers for digital currency, digital assets and payments
- National Platforms for KYC and KYS
- Supply chain transformation extends to new industries
In the report we provide a host of case studies and examples so you can apply the learnings of blockchain’s early adopters to your own initiatives. If you would like to explore how R3 can support you as you create your own business case, or if you would like a more in depth overview of what we have learned from blockchain implementations with our ecosystem, get in touch!
7 Enterprise Blockchain Trends Driving 2020 Adoption was originally published in R3 Publication on Medium, where people are continuing the conversation by highlighting and responding to this story.