All of these issues factor in causing hinderance in sustainability in supply chains. Blockchain-based solutions are likely to solve the issues with transparency throughout the entire end-to-end supply chain. These solutions also ensure a balance between privacy transparency. With the successful implementation of blockchain-based solutions it is possible to incentivize the good actors and ‘punish the bad actors.

This research report analyses the current industry trends and business practices revolving around sustainable supply chains. Also, the report builds a bridge between these trends and practices with the opinions and anticipations of enterprise blockchain practitioners revolving around the enterprise blockchain trends in supply chain.

Download the exclusive research conducted by 101 Blockchains analysts to make upgrades to your existing supply chain management practices and become future-proof.

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This research helps the executives and business leaders to set key priorities for digitizing the processes included and related to trade and supply chain. The research also provides evidence of emerging use cases and solutions, along with the analysis of the views of enterprise blockchain practitioners regarding digitally native trade and supply chains.

Download the exclusive research conducted by 101 Blockchains analysts to learn more and future-proof your organization’s business endeavors.

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It is anticipated that 2022 will continue on the tracks so clearly (and dramatically) marked by the year 2020. 101 Blockchains research anticipates that the need for visibility, predictability, and collaboration will represent the foundations for corporate activities in the new year. Enterprise blockchains have demonstrated their robustness to become solid pillars of these new foundations.

101 Blockchains research analysts understand that 2020 has been an immensely self-reflecting year – the events that occurred will force everyone to bear the consequences for many years to come. This report summarizes the vision about the incoming future, without forgetting the practical aspect of how to turn those visions and expectations into feasible and operationally applicable guidelines.

This research explores the current industry trends and business practices revolving around enterprise blockchain technology. Also, this report analyzes the views of enterprise blockchain practitioners regarding future predictions about enterprise blockchain trends in 2022 regarding confidential computing.

Download the exclusive research conducted by 101 Blockchains analysts, in partnership with Oracle, to make upgrades to your business strategies by exploring the enterprise blockchains — 2022 predictions.  

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This research from 101 Blockchains helps the corporate executives and business decision makers to set key priorities for their business strategy regarding the uprise of digital assets and Central Bank Digital Currencies (CBDCs). The research report analyzes the opinions of enterprise blockchain practitioners regarding different aspects of digital assets and CBDCs.

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The certainty of the origin of product and the confidence of its quality represent the prerequisites for a full and profitable supply chain collaboration between trading partners. The current centralized server-client enterprise systems create data silos that remain confined and difficult to share, least by building expensive and hard to maintain point-to-point and host-to-host connections.

Companies, banks, logistics providers, certification agencies, customs offices, are shifting their attention to consider blockchain-based solutions not only to improve current processes but- most importantly- to transform and revolutionize them.

This research report analyses the current industry trends and business practices revolving around blockchain for both the physical and financial supply chain. Also, the report builds a bridge between these trends and practices with the opinions and anticipations of enterprise blockchain practitioners revolving around the enterprise blockchain trends in supply chain.

Download the exclusive research conducted by 101 Blockchains analysts in collaboration with RIDDLE & CODE and R3, to make upgrades to your existing supply chain management practices and become future-proof.

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Organizations and entrepreneurs are curious regarding the long-term social impact and sustainability of blockchain technology. We decided to conduct a survey regarding this issue to understand the sentiment of the industry. The survey is based on the respondents coming from North America, Europe, and the Asia Pacific, the hotbeds of enterprise blockchain initiatives.

Also, we want to thank Oracle for being our survey partner.

Survey Partner

Impact of Blockchain Technology: From Disruptive to Sustainable

Despite having the “disruptive” tag, blockchain technology offers better sustainability over traditional practices. From tech industries to health care industries, we’re seeing the continued growth of blockchain implementation. Moreover, the skeptics who thought blockchain to be another dot-com bubble are accepting the change and approving feasibility.

That being said, we need to understand people’s views regarding the issue. Let’s go through the key findings of the survey and analyze the results from the angle of social impact and sustainability.

Money Might NOT be the Currency of the Future

The United Nations General Assembly came up with 17 interlinked Sustainable Development Goals (SDG) to create a sustainable future by 2030. The UN SDG proposed new types of currency that might prevail over the traditional money. These alternates include – data, ideology, and sentiment.

Our survey suggests that data will most likely be the currency of the future. Also, humane traits like ideology or sentiment have little to no chance of offering financial value.

The fact that people prioritizing data over money only strengthens the case for blockchain technology. How? If data becomes the currency of the future, then transaction speed, security, transparency will hold even more significance in the future. And these three features are the key traits of blockchain technology.

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All Aspects of Sustainability Have Equal Significance

Sustainability is a broad concept that holds different meanings from different perspectives. All-encompassing sustainability is hard to achieve as various parameters often oppose each other.

When we asked survey participants regarding the “most important driver” of sustainability, they had opted to favor all of them. The newer generations feel the urge to achieve environmental and social sustainability, along with financial sustainability. In the last century, decision-makers focused on social and financial stability only.

So, how can blockchain impact all of the sustainability drivers?

We all are on the page regarding the financial impact of blockchain. Current industry practices and feasible use cases show that blockchain proposes better financial values compared to the traditional methodologies.

As we shift from the centralized system to the decentralized environment of blockchain, we will ensure social stability. Individuals will become “equal and active” members of the system rather than depending on the authoritarian centralized system. Thus, we can achieve social sustainability through blockchain.

Finally comes the issue of environmental sustainability, and that too is possible with blockchain technology. Blockchain proposes the possibility of a cashless and paperless society for all of mankind. In addition, blockchain-based traceability systems will detect the provenance of goods and quality of processes. When that happens, we will witness a drastic reduction in carbon footprint.

Blockchain Projects for Physical Goods Are on the Rise

People were only curious about witnessing the impact of various blockchain projects for physical goods. But things have been changing at a rapid pace. Especially, different Decentralized Finance (DeFi) projects are proposing creative solutions.

For example, Boson Protocol, a DeFi project is working to provide a solution to redeem blockchain tokens for their physical counterparts in the real-world. Their goal is to allow users to buy physical goods/services directly through smart contracts in a completely permissionless way.

Upon asking, almost one-third of the respondents replied that they’re working on such projects right now. The majority of the rest are learning, exploring, or considering starting a project in a short time.

Now, what do these numbers translate to?

Social impact and sustainability.

The increasing number of blockchain projects for physical goods suggests that individuals are now more confident in the technology. These projects are encouraging more people to adopt technology like a chain reaction. This trend only suggests that blockchain will have a significant social impact in the upcoming years.

User Education and Regulation are Still the Key Factors

Blockchain is suggesting alternatives to the concepts that have been going on for generations. Despite the plethora of success stories and implementation, our mental rigidity opposes the adoption of blockchain technology on a massive scale.

Four key factors like user education, regulation, technology infrastructure, and User Experience/ User Interface (UX/UI) can enable blockchain to create a significant social impact. However, these also are hindering factors against the blockchain.

Survey participants feel that user education and regulation are key, while the former one presents slightly more significance.

We also feel the same way.

Despite being two different entities, mass people still confuse blockchain technology with cryptocurrency (mostly Bitcoin). People even refer to this technology as “internet money.”

So, user education is the deciding factor for blockchain to create a social impact on a global scale. At the same time, there should be some form of regulatory guidelines with clear standards, practices, and industry protocols. It would help the common people to have a better understanding, thus leading to a sustainable environment.

About Oracle Blockchain

Oracle makes blockchain adoption easy and quick for enterprises by providing market-leading Oracle Blockchain Platform in the cloud and on-premises for both customers and developers who want to build their own solutions.

For more information, visit: oracle.com/blockchain.

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To help you out, we have conducted an industry survey regarding the priorities for business practitioners in the enterprise blockchain scenario. We want to give our utmost thanks to Telefónica for being the research partner in this survey.

The survey results are based on the poll answers from the respondents living in North America, Europe, and Asia pacific. As you know, these regions have the highest engagement level in the enterprise blockchain projects.

Security and Stability Are Still the Invaluable Features

In any modern or traditional business, security and stability are seen as the epitome of success. At the same time, businesses try to aim for a high ceiling growing at a sustainable rate. And blockchain-based enterprise projects are no exception to that.

Now that there are some great blockchain networks and ecosystems, businesses can finally seek out different paths within that boundary of security and stability.

Enterprise projects want to have a certain level of control and confidence among the participants. These two traits give them a sense of security and stability.

So, what do our survey participants think about the key priorities for an enterprise blockchains project?

Permissioned Over Permissionless

Blockchain networks either take a permissioned or permissionless approach. While permissionless blockchain networks work wonders in “public” use cases like voting or fundraising, it certainly isn’t suitable for enterprise environments.

For example, supply chain management or banking/payments thrive in a permissioned and controlled ecosystem, specifically governed by regulatory regimes. With better scalability and faster output rate, permissioned blockchain is a far better option for an enterprise project.

Now, let’s move on to the poll –

The poll results also reflect that idea.

The vast majority of respondents favor Hyperledger Fabric Private Network or any consortia-backed permissioned network.

Interestingly, Public Ethereum is quite popular too. The reason for this choice is the relevant role played by Ethereum in the creation and management of smart contracts that represent the most significant pillar of blockchain applications for enterprise adoption. Still, permissioned blockchains are preferred for conducting business.

Why so?

As our research confirms, better control and confidence among the entities are very crucial in the enterprise scenario. A permissioned network can help them achieve that.

For instance, think of a typical supply chain. The elements of a supply chain naturally function in a closed and controlled environment, as business partners. These elements can perform more efficiently and quickly as they have a higher confidence level, shared governing rules and commonly accepted operational guidelines.

Scalability, Traceability, and Transparency Are the Most Concerned Issues   

Business is all about scaling. A business that’s earning $1-million in revenue plans on boosting that revenue amount to $10-million. Growth is the nature of any business.

However, a company might sacrifice performance while scaling. So, But it’s imperative to boost scalability and performance at the same time.

Similarly So, for any blockchain network, irrespective of being permissioned or permissionless, scalability and performance become pivotal aspects.

Enterprise operational environments require features of traceability and transparency. You might think that permissioned blockchains are “the” go-to option for businesses. But such blockchain networks lack full public transparency. That’s why some industry domains (especially in the public sector) opt for permissionless networks like Public Ethereum.

Finally, the last significant concern for businesses relates the technology itself. Despite the disrupting impact in the business world, blockchain still is a new-born concept, far from being matured. Thus, technological maturity becomes a deciding factor.

So, what do our poll respondents feel?

We have a tie here. Almost half of the participants feel that scalability and performance of the blockchain networks are concerning issues. A similarly populated group is trying to figure out ways to have better traceability and transparency in private ecosystems.

Lastly, about one-fourth of the respondents are worried about the maturity level of the technology.

It seems that enterprise projects are looking for a mix of two worlds. They are looking for scalability but don’t want to sacrifice traceability and transparency either.

Still, with more enterprise-oriented features, permissioned blockchain networks have a slight lead over the opposite option.

Download the Full Business Value of Blockchain Poll Analysis

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The results of this 101 Blockchains Research survey are based on answers to a questionnaire from respondents based in Europe, Asia Pacific and North America, that corresponding to the regional areas that are mostly active with enterprise blockchain initiatives. The initial findings of the research tell 101 Blockchain Research analysts that blockchain-based projects require strong change management attitude and that it is important to communicate the results achieved after implementing a project.

Blockchain Is Slowly Changing the Global Industries

Blockchain technology has evolved from cryptocurrencies to a technological revolution. At present, the blockchains use cases and deployment initiatives are at an all-time high. As it evolved from theory to practical, many enterprise executives are recognizing it as the disruptive force that’s going to change the entire business structure.

What We Found

In our Strategic Blockchain Survey 2020, we uncovered numerous findings that explore the situation of blockchain trends in 2020.

Key Findings –

Experience with Blockchain Is Still Low

The experience with blockchain technology is still quite low. If blockchain technology wants to reach global acceptance, the percentage of successful product development needs to increase.

Client’s Acceptance Is the Most Important Element for A Project’s Success

Before launching any blockchain-based projects, the company or client need to accept this technology as a means to revolutionize their business processes. So, it’s the first choice for the respondents in our survey.

Enterprises Prefer Evaluating Efficiency for Measuring Blockchains Success

Increased efficiency is one of the major indicators of a project’s success rate. Most enterprise companies are using blockchain technology to increase their revenues and the overall efficiency of their business processes.

Governance Strategy Is Important for Blockchain Projects

Enterprise companies need a governance structure to function properly. Without a governance structure or any underlying rules, maintaining harmony is quite difficult, especially on a large scale. Although the very necessity of governance structure directly contradicts blockchain technology principles, the business ecosystem is still not ready for a full-scale decentralized approach.

Regional Support Is Increasing

1. The support of blockchain technology remains all-time high in North America, where most of the respondents are interested in using this technology, while many POC is already underway.
2. In the Asia Pacific region, the belief in blockchain’s value is still going strong. For example, China is finally adopting blockchain’s features to create a nationwide Central Bank Digital Currency (CBDC). The project is still in development and will soon become live.
3. Throughout Europe, blockchain is considered a matter of priority, and they are one of the most engaged with enterprise blockchain projects. 29% of our respondents come from Europe.

SURVEY PARTNERS

Download the Full Strategic Blockchain Survey 2020 Report

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