Blockchain technology has witnessed a wide acceptance by many industries and corporations whereas a few other people have chosen to stay on the sideline to see the outcome from those who decide to take action, before deciding to indulge in it.
Two years ago, the Institute for Business Value (IBV) carefully researched the adoption of blockchain technology throughout eight corporations in 18 different countries of the world.
Most of the corporations surveyed fall within the areas of healthcare, banking, the government sector and the financial market and it was discovered that these bodies have actually embraced the technology, with fifteen percent of them ready to incorporate it into their business processes in the year 2018.
These corporations that took the first action tried to confront the issues faced by industries, scaled through the troubles and discomforts of the newly found technology and helped clear the path for those with the intention of getting involved in the future.
Organizations and bodies who later embraced the technology, like the transportation sector, consumer and life sciences have been very careful about wholly accepting blockchain. These industries prefer a slower approach to adopting the initiative, even though over 60 percent of them are expected to be commercialized by 2020.
Although it is believed that the first set of industries and corporations that accepted the new technology are likely going to disrupt their industries and knock down their competition, they are also putting their resources in the technology to expunge a continuous resistance within the industry.
For instance, most healthcare organizations and the financial markets are highly interested in making use of the blockchain to tackle regulatory challenges as well as lessen the implications of complying with a series of regulations so as to grow very fast.
Rather than investing to keep competitors afar, these bodies may actually be working towards coming together for better collaboration.
Companies that offer financial services use the technology known as LedgerConnect to easily and effectively carry out their services on a central system.
Even though these financial institutions may be seen as competitors, they are now strongly collaborating to achieve smooth operations as well as robust savings throughout all levels of asset acquisition.
In the life sciences and transportation industry, companies are not really interested in expanding their ecosystem, but are instead focusing on improving their collaborative efforts.
The stages involved in the international supply process are marred with ineptitude and inadequacies, totally dependent on complex theories and without a formidable network.
It is, however suggested that improvements with blockchain networks like TradeLens will inspire a corresponding change within the industry. Once blockchain tech is used to track information, especially in the transport sector, this will become a game changer, further propelling the industry’s efficiency in the process.
As with all new technologies, there are obstacles to its adoption and implementation, even when the technology has such incredible potential. In this case, those who adopted the blockchain solution earlier are fully aware that they need to adjust to new changes even in the face of expected challenges.
Issues like regulatory restrictions and half-baked technology are among the top challenges faced by industries that are interested in implementing blockchain technology and its solutions.
As earlier stated, blockchain technology is being continually used to bypass the challenges posed by regulations. Of course, this isn’t perfect yet, but the technology is developing as many people and organizations are getting involved in it.
In addition, the first set of blockchain oriented industries experienced obstacles like irregular profit margins. But right now, they have overcome that challenge as they now have clear ideas.
Also, some industries that embraced blockchain technology have recently experienced a shortage of the necessary skillset needed to deploy the technology as an obstacle. It is ideal that corporations in these industries must look for individuals with the needed skills to establish new sustainable processes.
However, with its increased adoption among industries and companies, we can expect that there will be a better understanding of the technology as well as its most effective and efficient utility.