As the Blockchain Expo Global in Olympia, London finishes, it has become ever more apparent that Blockchains are about to change the way industries are trading forever. Trading is about to change beyond recognition whether we like it or not.
This first leg of the 2018 World Series brought together some 12,000 attendees – in partnership with IoT Tech Expo and Al Expo – all keen to know more about the latest Blockchain technologies and how they can be implemented into today’s business models. The two-day conference saw world leaders in the biggest of corporates discuss and share their views on developing Blockchain applications, ICO strategies and the transformation of financial service to name a few.
The Research Phase
Currently, there is a vast amount of money and time being spent on research and development on Blockchain from industries around the world. Businesses are eager to see how they can get their technology working in supply chain tracking; energy, logistics, freight and a whole lot more besides. Although Blockchain is being talked about a lot at the moment in the business world, very few companies are actually working in it and acting on this new trend. A whole lot of talk and very little action.
The main problem is that it is very apparent that costs to explore this technology are very high. Companies are keen to take the next step, as they can see how much can be achieved with Blockchain, but they need to be able to finance it in the first place. This is the big sticking point!!
Currently, companies are looking at how they can work together to save money on these initial very expensive outlays. Shared ledgers are looking the most favorable at the moment. Consortiums are being set up to kick things off and test the waters. However, it is necessary to make sure that one company is not footing the whole bill…which is why this process is taking so long because so many of the large corporates are concerned about this about this and do to want to be piggy backed!! So while this is being worked through, there are options for businesses to use open Blockchains with a token payment.
The industry is understandably very concerned about investing money in Blockchains and Cryptocurrency because of the uncertainty of it all at the moment. Everything is still so very new. It was exactly the same position a few years ago when Betamax and VHS were battling it out for videotape formats. VHS went onto win in the end, but even then financers were questioning whether they should wait a while before investing.
Although companies are worried, as outlined above, there have still been over 37,000 Blockchain trials so far, so movements are being made. Interest and boldness are very much there but what really needs to happen is for a couple of companies to take the brave step and go forward with Blockchain technology. Once this ground-breaking move has been made, other industries will follow.