Blockchain SolutionsBeyond Blockchain
Blockchain Enabled Digital Transformation and Metaverse
Do more with Blockchain by integrating it with other emerging technologies to fuel Digital Transformation and explore the Metaverse.
Most of the enterprise blockchain projects and blockchain consortia initiatives that are currently underway, are trying to use blockchain in place of their existing databases and processes. Some of these use cases such as trade finance, supply chain management, and digital identity hold a lot of promise and can yield tremendous benefits for participant organizations as these projects commercialize. However, many projects have also being stalled and shelved due to the realization that investing in a new technology, for insignificant incremental efficiency or cost saving will not generate an adequate return on investment. Nonetheless, these stalled and shelved projects have all contributed to the learning associated with any new technology adoption.
Blockchain as an enabler of Digital Transformation: An alternate way of looking at this technology that can yield a much better return on investment, can take the industries forward, and may even disrupt existing business models in an industry, is to look at it as an enabler of digital transformation. Blockchain has some unique features that are not present in existing database and transaction systems, and therefore the best use of this technology is for building systems that are designed to do more than current systems. The trust, transparency, and immutability that this technology brings to the table can solve many business problems and create new products and services. The good thing for CIOs is that there are a few other emerging technologies that possess unique properties that are missing in traditional enterprise IT systems. Some of these technologies are the Internet of Things (M2M communication), Artificial Intelligence (automation, accuracy in decision making), Edge Computing (low latency), and Big Data (efficiency, better decision making). CIOs who understand their customers’ needs and business challenges can knit together technology solutions using the right mix of the above technologies to achieve digital transformation.
Blockchain bringing the promise of Metaverse closer: The promise of metaverse has lingered from the days of second life, and maybe even earlier. Extended reality which is an umbrella term to include various forms of computer-altered realities – augmented reality (AR), virtual reality (VR), and mixed reality (MR) – has the tendency to create parallel universe which the gaming industry has continued to explore. However, this promising technology that has remained in the realms of the gaming industry, is now becoming a topic of discussion for technology decision makers in many industries. The reason is that the blockchain technology tends to bring the trust that was missing in earlier versions of metaverse applications. Through blockchain enabled Web3 technologies, exchange of value can take place in metaverse ecosystems in a trusted framework, and that opens several potential use cases for metaverse platforms across industries. Metaverse platforms can be adds another dimension to companies that want to explore new monetization options and take their customer engagements to another level. Many new use cases of metaverse and web3 technologies are emerging every week, and we are tracking these developments very closely.