Skip to main content

Building Blockchain Application Development Expertise

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. The quest to discover meaningful commercial applications for blockchain, beyond cryptography apps, has begun across the globe.

451 Research revealed that 28 percent of enterprises are now evaluating or using blockchain, although fewer than 3 percent have any production applications.

Blockchain Market Development

According to the study, 20 percent of organizations surveyed are using blockchain in a discovery or evaluation phase, 4 percent running trials or pilots, 2 percent in test and development environments, 2 percent undertaking initial implementations of production applications and less than 1 percent have broad implementation of production applications.

Furthermore, the market is rife with vendor misrepresentation about blockchain apps, and there is little understanding about how enterprise leaders can deploy blockchain profitably while navigating a market with thousands of vendors and hundreds of consortia vying for mind-share.

The 451 Research blockchain codex systematically decodes this market, pursuing the goal of replacing confusion and complexity with an examination of the technology components and guidance on first steps.

451 Research analysts believe blockchain has the potential to be the active ingredient for establishing universal trust among parties through clever code and peer-to-peer consensus.

In the enterprise sector, where smart contracts will dictate terms and cloud-tasking using multiple providers is the norm, there will be a need for transparency and an immutable system of record.

At the edge, IoT devices could take advantage of blockchain for authentication and to store and share interactions and data. Numerous other commercial applications will evolve over time.

"Blockchain will do for transactions what the Internet has done for information. It promises to disrupt business models and entire industries. It allows for increased trust and efficiency, and is pushing us to challenge how we define and exchange value and reward participation," said Csilla Zsigri, senior analyst at 451 Research.

Outlook for Blockchain Application Development

With a scarcity of skills in blockchain technology and potential applications, there is a tremendous opportunity for third-party expertise that can help define and support proof of concepts and initial deployments.

More CIOs and CTOs seek information and guidance to gain an understanding of what blockchain is, how it works and how it can be applied in use cases. They're also eager to learn what those organizations and industries at the forefront of this nascent distributed ledger technology have accomplished, thus far.

Popular posts from this blog

Wireless Solutions Advance Work from Home Trends

Despite a challenging backdrop from the ongoing effects of the global COVID-19 pandemic, the negative impact on fifth-generation (5G) wireless supply chains has been minimal compared to the wider mobile smartphone market. This led to 5G mobile devices becoming more diverse, brought to market quickly at a variety of price points, thereby accelerating affordability and adoption. The mobile market is transitioning to 5G and many leading vendors are now exploring the low-priced 5G smartphone segment. According to the latest worldwide market study by ABI Research, 681 million 5G handsets will be shipped in 2022. Therefore, the race is on for OEMs to find that all-important level of differentiation in their flagship portfolios to help boost margins and improve market share. 5G Wireless Market Development Vendors continue to drive the adoption of new product designs, screen technology, chipsets, and camera setups -- notably within the flagship smartphone segment. Meanwhile, the leaders seek a

Software-Defined Infrastructure: The Platform of Choice

As more organizations adapt to a hybrid working model for their distributed workforce, enterprise CIOs and CTOs are tasked with delivering new productivity-enabling applications, while also seeking ways to effectively reduce IT cost, complexity, and risk. Traditional IT hardware infrastructure is evolving to more software-based solutions. The worldwide software-defined infrastructure (SDI) combined software market reached $12.17 billion during 2020 -- that's an increase of 5 percent over 2019, according to the latest market study by International Data Corporation (IDC). The market grew faster than other core IT technologies. The three technology pillars within the SDI market are: software-defined compute (53 percent of market value), software-defined storage controller (36 percent), and software-defined networking (11 percent). "Software-defined infrastructure solutions have long been popular for companies looking to eliminate cost, complexity, and risk within their data cente

Digital Identity Verification Market to Reach $16.7B

As more enterprise organizations embrace the ongoing transition to digital business transformation, CIOs and CTOs are adopting new technologies that enable the secure identification of individuals within their key stakeholder communities. A "digital identity" is a unique representation of a person. It enables individuals to prove their physical identity during transactions. Moreover, a digital identity is a set of validated digital attributes and credentials for online interactions -- similar to a person's identity within the physical world. Individuals can use a 'digital ID' to be verified through an authorized digital channel. Usually issued or regulated by a national ID scheme, a digital identity serves to identify a unique person online or offline. Digital Identity Systems Market Development Complementary to more traditional forms of identification, digital identity verification systems can enhance the authenticity, security, confidentiality, and efficiency of