Summary

As things stands, the use of blockchain in mainstream industry and commerce remains a long way from full maturity. Around the world, the majority of blockchain-based projects being undertaken by established enterprises remain at the proof of stake or proof of concept stage, awaiting the inevitable evolution in operational approaches which must accompany even the most revolutionary of technologies before gaining further traction.

There is, however, more than enough evidence of the value that blockchain can deliver to be confident that it will be one of the key transformational technologies of the next decade and more. By 2030, Gartner predicts that the worldwide business value add of blockchain will exceed $3tn, snowballing rapidly in the latter half of the next decade. A key reason for the time lag in taking off is that a world of commerce based on blockchain requires a fundamental shift in thinking, away from centralised control or transactional systems to decentralised, collective responsibility.

Outside its native uses cases in cryptocurrencies and tokens, examples of how blockchain is being used in broader business contexts are setting the trend for future possibilities. Combining the key attributes of watertight data security and complete transparency, the supreme efficiencies of automation with peer-to-peer participation, blockchain is already demonstrating the extensive value it can offer across industries.