Part 2 - Top 10 Blockchain Predictions Everyone Cannot Miss
Matthew Lam Jun 10, 2019 11:00
Following Part 1, here comes the second half of Top 10 blockchain predictions that everyone should know!
Following Part 1, here comes the second half of Top 10 blockchain predictions that everyone should know!
Institutions to embrace blockchain?
6) 84% Organizations actively involved in blockchain
PwC’s 2018 survey took a sample of 600 executive in 15 territories, and 84% of executives admitted that their organisations are actively involved with blockchain technology. In addition, 48% of executives believed regulatory uncertainty is the largest obstacle to blockchain adoption, followed by lack of trust among users (45%).
7) 41% Tech leaders to implement blockchain by 2022
As revealed by 2019 Technology Industry Innovation Survey by KPMG, 41% of tech leaders will likely to implement blockchain technology by 2022, whereas 28% of respondents have no intention to do so.
8) 90% of Current enterprise blockchain platform implementations will require replacement by 2021
Gartner predicted 90% of current enterprise blockchain platform implementations will require replacement by 2021. Adrian Lee, senior research director of Gartner believes that many CIOs overestimate the capabilities and short-term benefits of blockchain as a technology to help them achieve their business goals, thus creating unrealistic expectations when assessing offerings from blockchain platform vendors and service providers.
Adrian further believed that multiplatform world is the future of blockchain ecosystem. “Due to the lack of an industry consensus on product concept, feature set, core application requirements and target market, we do not expect there to be a single dominant blockchain platform within the next five years. Instead, we expect a multiplatform world to emerge.” He added.
Industrial application of blockchain
9) Top 20% of top 10 Grocers to use blockchain for food safety and traceability
Gartner predicted that 20% of Top 10 global grocers will use blockchain by 2025. “Grocery retailers are trialing and looking to adopt blockchain technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example to identify products included in a recall.” Said Joanne Joliet, senior research director at Gartner.
10) Blockchain can reduce bank infrastructure costs by 30%
Accenture’s report predicted that blockchain technology can reduce infrastructure costs for 8 of the world’s 10 largest investment banks by an average of 30%, which can translate 8 – 12 bn of annual cost savings.
According to the report, blockchain can bring the following cost savings for banks’ core middle and back office processes:
i) Finance-reporting costs: 70% cost savings as a result of optimized data quality with enhanced internal control process;
ii) Compliance costs: 30 – 50% cost savings due to improved auditability of transactions;
iii) KYC/Client onboarding costs: 50% cost savings due to more efficient processes to manage digital identities; and
iv) business operations: 50% cost savings in middle office, settlement as reconciliation, confirmation and trade-break analysis are no longer required.
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