Distributed ledger technologies (DTL) have long illuminated the path to a decentralized world promising greater efficiencies and smoother processes, seamlessly bridging the gap between the 21st century model of the economy and the financial utopia first suggested by the ambiguous Satoshi Nakamoto.
The premise of blockchain is a simple one, and yet the possibilities are endless; the technology has steadily gained a loyal following across various industries such as real estate, human resources, supply chains, retail payments, energy providers and more. With its much celebrated success, why then is enterprise adoption lagging behind?
Let’s take a closer look at the curious case of enterprise.
DISRUPTOR OR DISRUPTION
Blockchain was first proposed as a solution to move the financial industry away from centralized banks and financial institutions after confidence reached an all-time low. In 2009, the very first code for bitcoin was published and thus announced the arrival of blockchain as we come to know it today. Over the years, the explosive growth of the market has been met with a plethora of projects, platforms, and technology stacks, each vying to bring the crypto and blockchain space into the mainstream spotlight. And yet, despite these valiant efforts, a report from Greenwich Associates revealed that 57% of executives polled in their study admitted that they continue to face challenges in incorporating distributed ledger technologies in a commercial setting. In turn, this highlights how blockchain for enterprise remains by and large a vague optimism at this point in time.
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