Unlocking blockchain's benefits for enterprises
If your company is experimenting with blockchain, make sure to ask these three questions.
WHEN it comes to the latest technology, nobody wants to be left behind. Blockchain is one such technology. Blockchain's tamper-proof databases promise increased transparency and traceability. From financial services and energy management, to logistics and real estate, nearly every industry is keen to explore distributed ledger technology to disrupt their markets. Indeed, when implemented properly, blockchain can bring a host of benefits to an organisation and the wider ecosystem that they operate in.
Blockchain first came to the forefront with the cryptocurrency craze. Stories of people making their fortunes overnight captured imaginations worldwide. Of course, blockchain isn't all about cryptocurrency. Cryptocurrencies are simply one-use case, with blockchain's decentralised nature and properties of data immutability being used to track and maintain the value of virtual cash.
According to a 2018 report by PwC, 82 per cent of executives in Singapore have reported that blockchain initiatives are under way in their organisations. With Gartner predicting that blockchain initiatives will generate an annual business value of US$3 trillion by 2030, it is easy to see why enterprises are jumping on the blockchain bandwagon.
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