Author: Reuben Jackson / Source: Big Think
- 2019 will be known as the enterprise to enterprise boom in blockchain
- B2B blockchain companies will out-perform the market because they provide the tools that other businesses need in order to survive.
- Blockchain is expected to become a $2-billion-dollar industry within the next 3 years.
The potential of blockchain might have been ruined for you by your unemployed cousin who wears Balenciagas to Thanksgiving dinner and told you to enter into the cryptocurrency market at the wrong time.
However, blockchain (sometimes referred to as ‘Distributed Ledger Technology’, or ‘DLT’) is much more than that.
The use case for the technology extends far beyond Bitcoin, cryptocurrency, and those way-too-expensive sneakers that your cousin somehow managed to afford.
Blockchain will probably outlast his dead-end job, and it might even outlast you. Despite market fluctuations and scare-mongering, the technology is here to stay.
Blockchain and the world of b2b
82% of Fortune 100 companies are researching how they can implement blockchain technology into their current business model.
This figure includes every single one of the Fortune 50 companies, and every single Big Four Accounting Firm, including PwC and Deloitte.
IBM is one of the main companies leading the charge, and they are already providing blockchain solutions for enterprises such as Walmart and Sam’s Club.
In 2017, the blockchain industry was valued at around $339 million dollars and is predicted to grow from there to an estimated $2 billion dollars by 2022.
The key drivers of blockchain’s growth thus far have been cryptocurrency, private blockchains for enterprises like Big Four accounting firms, and government use cases.
However, now the industry is shifting its focus to business to business (b2b) implementation.
Improving b2b relationships through blockchain
A recent report by IBM says that blockchain can be used to improve a “shared version of events” which can help supply chain management. It also suggested that blockchain could improve collaboration across multiple parties and streamline dispute resolution.
Similarly, a Forbes article notes that blockchain could help improve the longevity of b2b relationship cycles.
An increasing number of businesses in the b2b sector are introducing blockchain technology as a part of their service suite. Currently, there are…
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