Blockchain and the five vectors of progress
Blockchain technology continues to inspire widespread enthusiasm. But for most enterprises, obstacles have kept the value of blockchain more prospective than actual and commercial adoption thus far remains limited.
Effectively incorporated, the technology has the potential to improve efficiency and effectiveness, cut costs, and increase revenue by helping to create new products, services and business models.
In this report, we explore how progress along five vectors can help mitigate or topple existing barriers to adoption:
- Increasing throughput and performance. Newer consensus mechanisms promise significantly higher performance.
- Enhancing standards and interoperability. Standardization could help enterprises collaborate on application development, validate proofs of concept and share blockchain solutions as well as make it easier to integrate with existing systems.
- Reducing complexity and cost. New cloud offerings have been coming to market and have the potential to lower the barriers to developing and operating blockchain networks.
- Multiplying consortia. Financial companies took the lead in launching blockchain consortia and they’re maintained enthusiasm.