The World Economic Forum (WEF) predicts blockchain will be broadly adopted in about a decade. Based on its survey of more than 800 information and communications executives and experts, the WEF also expects 10 percent of global gross domestic product (GDP) will be stored on a blockchain by 2025.
Blockchain continues to generate a lot of excitement, yet, the technology will go through multiple tests and iterations before it evolves to the point it can enter the highly regulated mainstream ecosystem. Users need to proactively understand the applicability of the technology, find appropriate use cases, pivot, fail forward and be ready to integrate only when the technology becomes the right fit for business problems.
There are essentially four challenges blockchain developers must overcome if they are to see the technology reach its potential: interoperability, ownership, complicated history and integration.
While blockchain alone will not tip the planet on its axis, it may very well accelerate change by helping leaders reimagine business models, processes and solutions.
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