In connection with the blockchain, technologists usually belong to one of two camps: either talking about exaggerated glass beads, or problem solving. Among developers, a Stack Overflow survey found that the majority (61 percent) see the blockchain as a potential trend-changing technology, while 39 percent say it’s just hype. However, both extreme camps ignore the nuance that business leaders want to know: where is the return on ROI
“In terms of ROI, only certain projects have passed Rubicon” – said Rajesh Kandaswamy, vice president of research at Gartner. According to an IBM study, only about one in five executives expect a return on investment in blockchain projects over the next four to five years. This proportion rises to nearly two-thirds of companies joining existing blockchain networks when asked about ROI expectations over a 10-year period, writes Bloomberg.
Blockchains have not yet fulfilled their role of to consistently bring ROIs across applications, but there are commonalities in their use that indicate the potential for value creation. Challenges and frictions occur most when trying to bring together stakeholders, both external and internal. Companies that introduce the blockchain are competing for a piece of the projected added value of the technology. Of course, we’re not talking about change, as Gartner expects the value added of the blockchain to reach $ 3.1 trillion by 2030.
For many industries, 2021 is expected to be a year of economic recovery in which technology leaders the challenge is to continue to implement urgent priorities while remaining conservative with spending. Accurately predicting the potential return on a blockchain is a complex task. However, according to Kandaswamy, it is clear that the projects in which companies find value have many features in common.
Characteristics of successful blockchain implementations:
- They are employed through a number of organizations whose transactions are dissonant;
- They enter an area where other technologies have previously failed;
- They are used in a large enough project to take advantage of economies of scale
One example where use cases they fit well, TradeLens, a blockchain platform in the supply chain, said Jonathan Knegtel, co-founder and CEO of Blockdata. The system, developed by Maersk and IBM, uses blockchain technology to exchange information in the global supply chain. “More and more people are using it and adding more and more ecosystem partners to their platform,” Knegtel said. by bringing together stakeholders. “The number one thing is to have a clear understanding of who are the actors who need to make this project work. Bringing them together in a room, gaining their commitment and consent to carry out the project,” said Kandaswamy.
According to Knegtel, this strategy also applies to external stakeholders, but internal frictions can prevent companies from recouping their dollars invested. A mismatch can occur if organizations don’t see a return immediately and then discard the project “The problem in 2021 is not technology, but getting internal support. The blockchain is a really long-term commitment that these companies have to reach. That’s the biggest hurdle right now, “Knegtel said.
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