A blockchain study, from SAP
The SAP SVP of IoT and Digital Supply Chain, Gil Perez, posted an article based on a blockchain study by SAP, sending this message towards the business community: “it’s time to get real”.
We browsed the article to see what prompted this cryptic, but important conclusion.
A need to think clearly
Mr. Perez mentions how the businesses surveyed by SAP “clearly distinguish and separate the blockchain enterprise reality and impact on their business from the bitcoin hype”. This is especially important for those who are just starting to consider the emerging blockchain technology. Make sure you look in the right place during your research phase, and keep a cool, scientific approach. Sometimes, this may prove difficult when the object of your potential upgrade is a new technology. The online media jumps on the topic, and hyperinflates certain aspects, while mixing elements that should be kept apart from each other.
To recap – the distributed ledger technology blockchain is separate from the bitcoin, although the two are linked. Therefore, look for other cryptocurrency types such as Ethereum, Zcash or Monero to grasp the overall image.
Looking forward for industry standardization
As the article puts it, “Today’s blockchain innovators span industries, generating new use cases every day in pharmaceuticals, consumer products, automotive, agriculture, telecom, retail, logistics, among many others”. Even if you don’t feel like an innovator, the huge potential of this technology becomes accessible via standardization and collaboration. It just needs more time. Time that you may well use to learn everything you need to know about blockchain and its business potential.
The driving factors in blockchain adoption
According to the SAP study, the most promising blockchain use cases are in the following areas, in this exact order: supply chain and IoT — 63 percent, legal and regulatory — 19 percent, cryptocurrency — 8 percent, sustainability — 3 percent.
As for the attributes of these use cases, the priorities rank the following way:
- Transparency in the value chain
- Trustworthy shared data
- Industry standardization
SAP vouches that blockchain is here to stay and it holds a vast potential. The company has co-innovated several new scenarios with their customers over the past year. These scenarios included the usage of blockchain in international transportation management and advanced track and trace for pharmaceuticals (see the original article for more cases).
Industry disruption will continue, as more technologies establish themselves. Businesses need to acquire the right information and to keep updating. Preparing for major transformation is not easy, but the right leading-edge partners can ease this process considerably.