Blockchain for business: 5 promising pilots

Big brands in financial services, logistics and other sectors are betting on blockchain’s potential to facilitate transactions and verify provenance of products.

Blockchain for business: 6 promising pilots
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For all the hype, blockchain has yet to go mainstream in the enterprise. But that is gradually changing as the technology's reputation for trusted transactions grows among IT leaders.

Blockchain is a shared digital ledger for recording transactions. Each transaction among the blockchain network’s participants is stored in a record known as a block that is digitally signed to ensure authenticity and create consensus about the state of transactions. CIOs are intrigued by blockchain’s ability to scale digital trust across businesses.

For example, every stakeholder in a blockchain-supported supply-chain network receives a copy of the existing authenticated ledger. If an event impacts the supply chain, every party can be assured that what the digital ledger says happened actually happened.

Enterprises are placing a premium on digital technologies that ensure digital trust. While only 3 percent of CIOs are operating a blockchain today, 60 percent of CIOs expect to adopt blockchain technologies in the next three years, according to Gartner’s 2019 CIO Agenda Survey. By 2023, blockchain will be poised for mainstream adoption en route to generating $3.1 trillion in new business value by 2030, according to Gartner analyst David Furlonger.

“CIOs are under pressure to help guide decisions as to if and how blockchain can be implemented in their enterprises,” Furlonger wrote in a research brief. “Organizations that have laid the groundwork to utilize and implement the technology will be in a better position to differentiate and more effectively compete in their markets and regions.”

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