Skip to main content

Exploring Blockchain Best-Fit Apps Across Industries

Much of the initial interest in cryptocurrencies centered around their potential as alternatives to fiat currencies. Now attention has shifted to the upside potential of open distributed ledger technologies know as blockchain.

A clear indication of blockchain's increasing maturity is how the emerging Fintech sector, which was once dominated by tech start-ups, is becoming crowded with leading IT platform providers -- many of whom are developing their own offerings.

The market leaders have been involved in collaborative ventures and consortia. As an example, IBM unveiled Blockchain as a Service (BaaS) for developers back in February 2016 that's based upon the Hyperledger Fabric.


Blockchain Market Development

Meanwhile, market demand is growing rapidly across vertical industries. Juniper Research has found that 57 percent large corporations are either actively considering, or are in the process of deploying, blockchain technology, according to the analysis of the data from their latest worldwide study.

Almost 400 company founders, executives, managers and IT leaders responded to the Blockchain Enterprise Survey. Among those companies who have reached the Proof of Concept (PoC) stage, 66 percent expected blockchain to be integrated into their commercial systems by the end of 2018.

Using data from the survey, settlement, land registry and digital fiat currency were identified as the best-fit opportunities for blockchain deployment, but Juniper analysts cautioned that for each of these opportunities the scale and variety of barriers were significant.

Companies which would benefit from blockchain include those with:

  • A need for transparency and clarity in (trans)actions;
  • A current dependence on paper-based legacy storage systems;
  • A high volume of transmitted information.

However, Juniper also argued that while awareness of blockchain and its benefits had increased dramatically during the past 12-18 months, there was a concern that companies might seek to deploy blockchain without having first considered alternative options.

Outlook for Blockchain Applications

"In many cases, systemic change, rather than technological, might be a better and cheaper solution than blockchain, which could potentially cause significant internal and external disruption," said Dr Windsor Holden, head of forecasting and consultancy at Juniper Research.

Indeed, the research found that companies may have underestimated the scale of the blockchain challenge. For issues such as interoperability, the proportion of survey respondents expressing concerns progressively increased as companies proceed towards full deployment, while concerns also rose sharply regarding client refusal to embrace blockchain.

That scenario is fueling the demand for information and guidance from a qualified professional services provider that are already experienced with blockchain apps and the associated deployment challenges.

Popular posts from this blog

Digital Transformation Investment at $3.4 Trillion

Business technology leadership matters. Across the globe, more leaders have been pursuing bold Digital Transformation (DX) initiatives with the goal of creating new sources of business value through digital products, services, and experiences. As an additional benefit, the COVID-19 pandemic revealed that digital transformation efforts improve an organization's resilience against global market disruptions. Global DX investment is forecast to reach $3.4 trillion in 2026 with a five-year compound annual growth rate (CAGR) of 16.3 percent, according to the latest worldwide market study by International Data Corporation (IDC). Digital Transformation Market Development "Despite strong headwinds from global supply chain constraints, soaring inflation, political uncertainty, and an impending recession, investment in digital transformation is expected to remain robust," said Craig Simpson, senior research manager at IDC . The benefits of investing in DX technology -- including aut

Artificial Intelligence for National Border Security

National border protection agencies are under pressure to provide the highest level of security in the face of growing threats, such as increasing illegal migration and international terrorism. Now, government agencies are embracing advanced border security technologies to aid in effectively and reliably securing national borders. These solutions look to detect and identify potential threats and prevent them from escalating to a point that may jeopardize security. Security Surveillance Market Development Traditional border security patrols and Closed-circuit Television (CCTV) surveillance systems aren't adequate protection, and agencies must increasingly deploy new solutions to stay ahead of criminals and other potential threats to ensure the safety of a country’s borders. According to the latest market study by Juniper Research, the value of the border security technology market will exceed $70 billion globally in 2027 -- that's rising from $48 billion in 2022. Growing by 47 p

Precision Medicine Spend to Reach $132.3 Billion

Precision Medicine uses molecular info to extract the optimum medical method from diagnostic protocols, by merging the impact of environmental and genetic factors. Data access is essential, with genetic metabolic and clinical data used to build a fuller picture of a patient's biology. Moreover, the primary aim of precision medicine is to design and optimize a pathway for diagnosis, therapeutic intervention, and prognosis, using large biological datasets. Personalized, evidence-based medicine uses stored health data, which includes patient diagnosis, laboratory work, insurance claims, and demographic information. The results enable healthcare providers to predict and prevent some illnesses. Precision Medicine Market Development According to the latest worldwide market study by Juniper Research, the total investment in precision medicine will reach $132.3 billion globally by 2027 -- that's increasing from only $35.7 billion in 2022. The significant market growth of 270 percent is