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7 June 2019
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Is blockchain for business just a trend or a prospective technology?

To what extent is it realistic and reasonable for small and middle enterprises to transfer their processes to blockchain now? In what sectors can it be in demand? How to choose a system and what pay attention to? Andrey Krekhov, Deputy Director for Special Programs of ICL Services, answered these questions.

According to the expert, currently, we can still talk about blockchain in the context of a technology trend as everything is just beginning in the real world. Recently, the first boom has ended and the first outlines of a more technology and, above all, actual business solution have appeared on the horizon. This year is to be is contingent on searching business cases without which it would be impossible to use blockchain.

We can clearly see a movement away from the mass appeal to impose blockchain on current business models where you can simultaneously and painlessly exchange one technology solution for another without clear understanding what would be the point for business. It is the applications for business task solving created in the blockchain ecosystem become more interesting than the blockchain technology itself.

2019-2020 can be characterized as an adaptation technology period. For this we need time and efforts in changing the paradigm of business processes, as well as the technology acceptance by people when new skills and knowledge will be required to change the landscape of traditional business.

Business will be divided into the «awaiters» wishing to receive blockchain as a box with a solution for their business and the companies that will transform their business and search for their golden key that will open the lock for the successful implementation of blockchain as a business solution. It will allow to additionally monetize current business on the blockchain landscape using its business ecosystems rather than the technology itself.

Currently, small and middle enterprises cannot afford to implement «raw and expensive» technologies that are not evident both from the perspective of monetization and from the perspective of value for their business. This segment will wait for box solutions. For example, they will wait for business process automation systems that are now expensive and sometimes ineffective for them. The small and SMB markets can be characterized as the future consumers of blockchain applications to meet different business needs. Until then, we can say that the financial sector will continue to move and develop the technology. The distribution sector also participates in the search and adaptation of successful cases. It is likely that in a year or a year and a half we can see more examples of successfully realized cases of implementing the blockchain technology substituting traditional business processes. Then we can talk about the demand for this or that solution, its choice and adaptation for a certain business. Unfortunately, without this all recommendations on implementing blockchain as a system will have propaganda character and will be profitable for the offerer rather than for the consumer.

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