Logo Header Menu

2020: the year blockchain came of age

Rob Coole, vice-president, cloud technologies at IPC, provides a round-up of developments that blockchain has undergone in 2020 2020: the year blockchain came of age image

It may have had a slow start, but 2020 has been the year we’ve really seen the true potential of blockchain. The true benchmark is in the implementation of real-life deployments, be that in the form of blockchain start-ups or new infrastructure projects. Only then can blockchain’s true value to the financial industry be measured. Sure enough, 2020, despite its unprecedented challenges, has heralded a new dawn for blockchain.

Nevertheless, the slow uptake of blockchain adoption isn’t unusual due to the fact that its value lies in highly regulated, complex markets, such as the financial services industry. It would be unfair to compare adoption to the rise of cloud, Internet of Things and AI, simply because blockchain is suited for complex, collaborative, multi-party, and critical application use-cases.

Next-generation blockchain

We are seeing an increase in optimism of blockchain in the financial industry, particularly in the enterprise space, with customers truly seeing the practical purposes in deployment, leading to more investment in time and money in blockchain. Gartner predicts that blockchain will be fully scalable by 2023. IPC’s sense of the future of blockchain, particularly in the enterprise space, is just as positive.

What is the strategic business value of blockchain in finance and beyond?

The technology behind Bitcoin and other cryptocurrencies has a growing use of applications for a number of industries. Here, four experts explore the strategic business value of blockchain in finance and beyond. Read here

Next-generation blockchain organisations are leading the way in showing how the technology can be used intelligently for the world we live in today. For example, R3, an enterprise software company, is working with an ecosystem of over 200 financial institutions, regulators, trade associations, professional services and technology companies to develop Corda. This is a blockchain platform designed specifically for businesses to deliver two interoperable and fully compatible distributions of the platform which addresses issues such as transactional certainty, data privacy, and the scalability limitations.

Value-added partnerships

Both application service providers and subscribers should partner with respective service and product providers at an operational level, prioritising integration to stay ahead of the blockchain curve. Real value is provided with the integration and support from the hyper-scale platform community such as Microsoft Azure and AWS together with open industry platforms, such as IPC’s Connexus Hub, creating end-to-end solutions that solve business problems. The importance here is APIs. We believe in an API partner integration approach, which gives institutions the ability to easily access data, provide insights and inspire innovation for the company/market need.

Service providers, like IPC, can play a critical role here by supporting operationalisation in the systems-oriented context. Such providers are a natural connector embedding connectivity to key market participants. IPC, for example, has access to all asset classes and trading methods with over 2,000 sell-side, 4,000 buy-side and over 75 exchanges.

The new paradigm

Covid-19 has provided unprecedented circumstances and situations that has impacted every aspect of our lives. Though this pandemic is devastating from a health, societal and economic perspective, blockchain may help the global economy rebound. The World Economic Forum believes technology such as blockchain “will benefit all countries currently impacted by Covid-19”, as it provides an efficient approach to reduce trade cost on a global scale.

Digitisation accelerated by Covid-19 will change the insurance industry forever

The digitisation accelerated by Covid-19 has changed the insurance industry forever — but how will traditional companies adapt? Read here

Digital initiatives such as blockchain is non-partisan and open to all, which allows users to act quickly at low cost with low barriers for innovation — all valuable factors in supporting the economy in an economic downturn. So, although blockchain adoption was slow in its early stage, 2020 seems to be the year blockchain comes of age.

Written by Rob Coole, vice-president, cloud technologies at IPC

This article is tagged with: Blockchain, Blockchain Technology

Sign up for Information Age Newsletters

Latest news

divider
CIO and CTO
Q&A: Iron Mountain CTO discusses transformation during Covid-19

Q&A: Iron Mountain CTO discusses transformation during Covid-19

11 August 2020 / Following a tenure as global CTO at Nielsen, Kimberly Anstett joined Iron Mountain in May [...]

divider
Research
Technology investment top priority for SMEs in next five years — HSBC UK

Technology investment top priority for SMEs in next five years — HSBC UK

11 August 2020 / The study from HSBC UK found that 67% of UK SMEs expect technology to increase [...]

divider
IoT and M2M
The IoT domino effect: five steps to manage IoT risk

The IoT domino effect: five steps to manage IoT risk

11 August 2020 / There are now billions of physical devices around the world that are connected to the [...]

divider
Research
CIOs must tackle next Covid-19 challenges, says Gartner

CIOs must tackle next Covid-19 challenges, says Gartner

11 August 2020 / According to Gartner research, 43% of CIOs said that planning for their company’s post-Covid-19 strategy [...]

divider
Cloud & Edge Computing
The third wave of cloud is cresting

The third wave of cloud is cresting

10 August 2020 / There is an ebb and flow to technology cycles, and the same goes for cloud. [...]

divider
Research
Worldwide IaaS market grew by 37.3% in 2019, says Gartner

Worldwide IaaS market grew by 37.3% in 2019, says Gartner

10 August 2020 / The worldwide IaaS market, according to Gartner research, grew from $32.4 billion in 2018 to [...]

divider
Cloud & Edge Computing
How to ensure edge device security

How to ensure edge device security

10 August 2020 / With a continuous rise in edge devices used within organisations comes an increase in vulnerabilities [...]

divider
Cloud & Edge Computing
Three key challenges to overcome to deliver successful cloud migration

Three key challenges to overcome to deliver successful cloud migration

7 August 2020 / Last year saw digital transformation accelerate dramatically. The public cloud has quickly become universal, with [...]

divider
Cloud & Edge Computing
Why edge computing is forcing us to rethink software architectures

Why edge computing is forcing us to rethink software architectures

7 August 2020 / The early 21st century saw a remarkable shift in computing. The rapid and dramatic shift [...]

Do NOT follow this link or you will be banned from the site!

Pin It on Pinterest