Exploring the Future of Industrial Blockchain
Now that we are almost a quarter of the way into the new year, numerous articles have ventured guesses at blockchain’s future. By the looks of it, the months ahead are chock full of hype, hope and hard facts demonstrating blockchain’s power as a tool for radical industry transformation.
The World Economic Forum expects an increased experimentation and comfort with hybrid blockchain technology, concentrated in the decentralization of finance and in the other sector’s use of smart contracts.
Forbes noted that companies that combine breakthrough technologies like blockchain, AI and cloud can cut waste generated by current production processes and streamline supply chains.
The global research and advisory firm Gartner, announced in its annual top 10 strategic technology trends report that blockchain is a highly notable technology that enterprise organizations have on their radar harvest strategic planning powers.
Data Gumbo predicts that in 2020 blockchain will attain legitimacy and solidify its position in the industrial tech stack. Company, commodity and data-gathering systems agnosticism is a critical characteristic of our blockchain-based transactional network, GumboNet, and one that is pivotal to interoperability, a feature of how industry will transact. As more players adopt blockchain-based smart contracts, the future points to broad implementation and benefits including an understanding of real-time financial management and capabilities.
These transactions are made possible by blockchain’s inherent immutability; it serves as a record of trust between entities by synchronizing data across parties, enabling transparency and visibility to free working capital, reduce contract leakage, enable real-time cash and financial management, and deliver provenance of material.
The Future is Here
Consensus among companies, vendors, customers and suppliers is time-consuming and expensive, but regardless of industry, value is generated in new ways as business processes shift. Methodologies are evolving and blockchain is the linchpin technology delivering unprecedented operational transparency, contractual flexibility and frictionless transactions powering the industrial business relationships of the future.