Speeding Up Enterprise Blockchain

As industry adoption rises and as it demonstrates its versatility through the most appropriate and useful use cases that benefit organizations, blockchain is bound to gradually diverge from the word "Bitcoin." While the market for blockchain technology has increased by 86% between 2017 and 2019, with a current split of 54-56% favoring solutions and products, one of the major drivers of the growth of blockchain products and solutions is the blockchain as Service providers, who are primarily cloud technology vendors. Since cloud-based products had a growth rate of 44–64% in 2020 and businesses worldwide have started to spend substantially on cloud computing after the COVID-19 epidemic, we can predict that the rise of cloud technology will also advance blockchain.

Although it took two decades for blockchain to be used practically, the pandemic has sped up its development, especially for enterprise adoption, as security and real-time connectedness were the two main issues businesses faced at the time of the pandemic. These two problems can be solved via blockchain, but bringing industry partners together around the same future vision is difficult.

Due to the pandemic, businesses worldwide have been forced to reconsider their business strategies, giving us the chance to lay the groundwork for corporate blockchain. Incorporating blockchain into company DNA would benefit businesses in the long run by offering chances for income generation in addition to cost savings and increased efficiency.

Accelerating Usage of Enterprise Blockchain

Identifying use cases by prioritizing the implementation approach for blockchain. Enterprises must first and foremost comprehend what the technology actually performs and how it might help their businesses.

Whether companies adopt blockchain technology slowly or quickly depends on whether they view it from a long-term or short-term viewpoint. A company that wants to use blockchain in the short term to provide security and real-time connectivity will likely choose a more generalized blockchain solution where blockchain works in conjunction with another technology that serves as the solution's main technology. Organizations interested in implementing it as part of a long-term plan would strongly emphasize using case-specific solutions.

The implementation of use cases has sped up in other sectors, including Telecom/Media and Transportation & Travel due to COVID-19. One specifically targets supply chain inefficiencies in the market for the manufacturing sector, and the other concentrates on the order management capability within the order-to-cash process for telecom and technology. Wipro Enterprise Operations Transformation has developed both of these solutions. Government and healthcare industries stand to gain a lot from blockchain, particularly when it comes to identity management, another use case for which Wipro has strong skills.

Establishing an Enterprise Blockchain Ecosystem

The development of an ecosystem is an additional factor, and it is arguably much more important for blockchain adoption. The capacity to convince stakeholders to move their processes from an existing setup to a distributed ledger, which will ease security, privacy, and trust between the stakeholders, is the main obstacle when it comes to implementation.

The cohort must design a structure and rules to ensure transparency in how these cohorts function to create an ecosystem. We will undoubtedly be examining disputes as the scope of blockchain implementations expands, both those involving parties inside the ecosystem and those involving parties outside.