What Will Blockchain Look Like in 2020

What Will Blockchain Look Like in 2020

Enterprise Networking Mag | Monday, January 18, 2021

As the excitement around blockchain increases, and enterprises continue to start using a distributed ledger, non-technical challenges obstacles will keep on emerging.

FREMONT, CA: It is the perfect time for the enterprises deploying blockchain to turn their focus towards implementing the distributed ledger technology (DLT) along with legacy data systems. This will ensure that they have the ability to communicate with other external blockchains.

According to Forrester’s Research work of 2020 predictions, in the enterprise blockchain world, the transformation from irrational excitement to realistic evaluation is almost complete. There will be more speculations about the uses of DLT and the processes through which it can offer some benefits.

The research further says that with the introduction of DLT, the clash between public and private blockchains will increase, and most of the institutions will use blockchain that is hybrid, multi-cloud, or both.

There is another problem that can hamper deployments, and it is the governance of a permission business blockchain as it is a critical non-technical issue. Most of the time, deciding how a distributed ledger will be managed is determined by a single third party in charge of key considerations, for example, employees who have access and can invite new members onto the ledger.

Moreover, the hybrid blockchains that are estimated to lead the e-commerce market will also face hurdles like privacy and scalability. For instance, the supply chain retailers who enter the blockchain have to be particularly cautious about the data that they place on the electronic ledger, and the owner of the ledger must be alert about the issues that might affect costs. 

The hybrid blockchains are combined with permission blockchain and public blockchain, which allows public-facing applications. The blockchain permits the consumers to see how products were grown on the farm and transported to the grocery store. The customers, along with the supermarket, can monitor every movement of the supply chain platform, starting from the origin of their products.

Since the blockchain ledgers propagate in the corporate world, enterprises will have to make sure that their distributed ledgers can also communicate with other platforms used by potential business partners.

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