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How Reconciliation of Competing Thought Lines is Hindering Blockchain Integration in Business

  by David Drake     Blockchain technology has become a buzzword in the business world. With the promise of transparency, security, decentralization and reduction in transaction costs, businesses, the the popularity of this technology has risen fast as companies pilot it with the hope of integrating it into their operations, even without clear-use cases. “A great example is Long Island Iced Tea Corporation, a publicly traded company,” notes Bryan Stone, the CEO of HFC Coin. “The company changed its name to Long Blockchain and the stock skyrocketed. However, the beverage maker had no confirmed business plan involving blockchain. Blockchain played no part in their business. The use of blockchain was simply to hype the stock, not make their Long Island Iced Tea any better or more efficient. As a result, they were delisted from the Nasdaq Exchange,” he adds. Nonetheless, numerous innovative projects have been created, and continue to be ... Read More »

Will Predictions by Forrester Research about Blockchain Come True?

  By David Drake   A report by Forrester Research paints a gloomy picture for blockchain, saying that up to 90% of active blockchain initiatives in the US will end up being abandoned, and will “never become part of a company’s operations.” The market research firm further predicts that the majority of blockchain-based projects in the US will be put on hold this year, while at least 90% of these will not form part of operations in companies that initiated them. In addition, the research firm says companies that have been striving to incorporate the distributed ledger technology in their businesses are now scaling down on their ambitions and pulling back. These statistics show that many issues need to be considered by businesses before deciding to integrate blockchain into their processes. Among these are connectivity to a partner ecosystem, enterprise integration with internal systems, compliance and regulatory requirements, interoperability requirements, ... Read More »

80% of Companies Lack Interest in Blockchain, Does this Spell Doom for the Technology?

  By David Drake   A report published by Forrester Research on blockchain in business shows that 90% of all blockchain initiatives across industries in the US will never reach fruition. The US-based market research firm predicts that 2018 will witness abandonment of many blockchain-based projects. In fact, it notes that in some cases, they will never be integrated into the daily operations of most companies. Since blockchain got introduced globally, companies have sought to diversify their business endeavors by integrating the technology into their operations, or at least, that was the initial idea. Over the last two years, blockchain technology has been used to develop innovative projects that solve real problems. For instance, URAllowance uses blockchain-based family smart contracts while IOU is using the technology to foster online customer satisfaction. At the same time, BQT is applying the technology in hedge fund and crypto trading while Gath3r is utilizing ... Read More »

Why Running a Blockchain Suitability Test Could Save Your Business Time and Money

  by David Drake     Blockchain, the technology that underlies cryptocurrencies, has become popular among American companies due to its ability to enhance business efficiency. Earlier this year, Walmart made public its intention to apply the technology in managing its supply chain, particularly in tracking food products. Around the same time, Amazon launched AWS blockchain templates that allow its users to access preset frameworks enabling them to build blockchain projects for use in their businesses. Blockchain is not just bound to change the way businesses run, it has also facilitated development of innovative solutions to problems experienced on a day-to-day basis. Over the last 18 months, numerous startups have developed blockchain-based ideas to address gaps across sectors. In the social sector, such startups include the family-smart contracts platform, URAllowance, online customer satisfaction platform, IOU, and social interactions platform, ONe Network. In the business space, blockchain-backed solutions include digital asset portfolio ... Read More »

90% Project Failure: What Does this Mean for the Cryptocurrency Market?

  By David Drake   Forrester, a market research firm has forecasted a grim future for blockchain. In a report released recently, the firm estimates that up to 90% of active blockchain projects will either be put on hold or abandoned altogether. The report, further states that adoption of distributed ledger technology in businesses has reduced drastically in the United States. Though these market predictions may not sound encouraging for the nascent blockchain and crypto market, market players see them as positive signs of market growth, where hype is differentiated from reality. According to Aljaž Pogorelčnik, media consultant at BehaviourExchange, the predictions are results of simple market logic where too much hype has been used as a marketing tool. He says, “The way we see it is that many of the so-called blockchain projects – wanting to jump on the hype train – tried to create an artificial need for ... Read More »

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