Report

The Wrap: Beyond the Basics: The Evolution of Blockchain as a Disruptive Enabler

Beyond the Basics: The Evolution of Blockchain as a Disruptive Enabler

Beyond the Basics: The Evolution of Blockchain as a Disruptive Enabler
While blockchain is typically associated with crypto-currencies and is expected to have its greatest initial impact in distributed ledgers as a more secure distributed data alternative, this enabling technology is rapidly achieving traction in other application and industry segments. Right now, there are a number of companies involved in pilot projects focusing on smart contracts, supply chain track-and-trace applications, financing and ownership and identity tracking of data and products. This year alone, $2.9 billion will be spent on blockchain. IDC’s full five-year forecast predicts a compound annual growth rate of 76% with spending hitting about $12.5 billion in 2022.

Discussing the topic in a Power Hour webcast were: David Tennenhouse, Chief Research Officer at VMware; Matt Lasmanis, VP of Technology at GSK USA Pharma; and Stan Swigoda, Director/IT Business Partner, Managed Markets and Decision Support at GSK; and James Wester, Research Director, Worldwide Blockchain Strategies at IDC.The group addressed questions from a technology standpoint as well as interesting challenges, such as:

  • What first steps do you take to implement blockchain in your enterprise?
  • How do ensure you are using the appropriate protocols and data governance structure to make it all work?
  • Since blockchain, utilized as a distributed ledger, provides an immutable record, what are the some of the key concerns with partners, customers and others in the supply chain?
  • Are there any unusual privacy or security challenges related to blockchain, especially in terms of who has access to the data and information that might be distributed outside the U.S.?
  • What is the future of blockchain in terms of new developments, emerging technologies like AI and IoT, and additional legislation that may impact usage?

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