First-generation blockchains generated some of the biggest hype in the history of IT before flaming out in a morass of abandoned deployments and failed expectations. The lack of enterprise readiness, from inflexible storage solutions to missing compliance regimes to poor scalability and high costs, resulted in many early deployments being abandoned.
What’s changed in blockchain 2.0? The new generation of blockchains are practical, cloud friendly, high performance, software-as-a-service-based and already tackling enterprise use cases around the globe. Blockchain is back, and it’s (finally) ready for its close-up.
The Missing Use Case
Blockchain 1.0 lacked actual use cases. Throw in confusion over competing technologies, “public” versus “private” chain debates and more, and it was a frustrating, multi-year detour that soured many IT leaders on even hearing the term “blockchain.”
But multi-party business challenges still exist, and they’ve grown more urgent: track and trace in supply chains, transaction settlements, enforcement of personal identifiable information privacy for General Data Protection Regulation compliance and more. At the heart, there is operational data that needs to constitute a single source of truth. With the prevalence of the internet of things and mobile and digital transformations, we’re generating more data than ever. Data-hungry investments in artificial intelligence, machine learning and analytics consume more data than ever, and governance and compliance regimes are now ratcheting up the cost of making mistakes. Sharing business data with proper governance and gaining access to partner data in real time have become some of the most critical challenges facing enterprise IT teams. Blockchain 2.0: Finally Ready For The Enterprise (forbes.com)