Greater Prevalence of Distributed Ledger Technology Predicted in 2020
IN A NUTSHELL:
- Providers of automation, business process management solutions to pursue DLT
- Greater attention on linking existing systems
According to a recent article in Forbes, Distributed Ledger Technology (DLT) will continue to grow in usage for tool offerings and services throughout the next year.
The article stated that during 2020, businesses will increasingly focus on operational matters, demanding adaptability for deployment and interconnectivity between networks. Experts predict many of the innovative firms will explore calculated approaches to the tokenization of digital and physical assets, supported by smart contracts.
The article, citing a report by Forrester, predicted three main concepts for DLT usage in 2020:
1. More than 80 percent of blockchain implementations will be hybrid, multi-cloud, or both: Whether it is due to regulatory requirements or network participants wanting to remain with their existing public cloud providers, it has been made evident to technology vendors it is not adequate to only offer blockchain-as-a-service in that provider’s cloud. Technology companies have already begun to respond with enhanced offerings and will continue to expand their services.
2. Interoperability will move into the spotlight: Interoperability is the capability of various systems to access, exchange, and cooperatively use information in a coordinated manner across departmental and regional boundaries. The goal is to provide easy sharing of information. According to the report, there are already multiple networks addressing the same use case as well as processes that span multiple chains. Participants in permissioned networks are eager to understand if it is possible that the different chains will be able to interact. At the same time, there will also be more attention on linking existing systems. Providers of automation and business process management solutions will pursue boosting product capabilities with DLT.
3. Public vs. private/permissioned blockchain discussion will grow: Discussions about interoperability between multiple chain silos have already produced an analysis about the function of public blockchains in enterprise processes. Forbes stated that industry newcomers such as Hedera Hashgraph will draw further consideration to the issue.
Intiva Health became the first organization in the health care sector to merge with Hashgraph DLT with the launch of its program Ready Doc™, a credential and verification service and the first of its kind to run on Hashgraph’s DLT.