MARKET REPORT Emerging Technologies
Blockchain –
Hot or Not?
The blockchain is an undeniably ingenious invention
– the brainchild of a person or group of people known
by the pseudonym, Satoshi Nakamoto. But since the
technology emerged it has evolved into something
greater – but still the main question every single person
is asking is: What is Blockchain?
Research indicates that large
enterprises are adopting
emerging technologies
like blockchain, articial
intelligence (AI), and the
Internet of ings (IoT) up to
ten time more than SMBs, this
according to a recent report
from Spiceworks.
By 2020, Spiceworks
forecasts that 56 per cent
of large enterprises plan to
adopt blockchain-enabled
technology—up from one
quarter now—according to
their survey of 780 business
technology buyers across
North America and Europe.
Looking further ahead, analyst
rm Gartner predicts that
blockchain technology could be
worth $360B by 2026.
At that point, 86 per cent
of large enterprises also plan
to adopt Internet of ings
solutions, 65 per cent plan
to deploy edge computing
technology, and 64 per cent
expect to use AI, according to
the report.
When we asked the big
question, ‘Is Blockchain hot or
not?’, Chris Money, Director
at Cloudstreet Consultancy,
an organisation providing
independent specialist resource
to assist and guide clients
through digital transformation
projects and secure the very best
outcomes, says “Denitely hot!”
“I believe Blockchains and
associated DApps (decentralised
applications) will disrupt almost
every business sector in the next
3 to 5 Years and the comms
space will be no exception.”
So, what is Blockchain?
Money at Cloudstreet says,
“A highly secure network of
participants (peer nodes) that
maintain an append-only,
shared, distributed ledger
or system of records. With
origins in serverless Bittorrent
technology, Bitcoin
was the rst use case of a
Blockchain. Blockchains have
now evolved to support over
2000 protocols and Dapps
collectively, which share a
number of key components and
characteristics.”
Money adds, “Also useful,
but distinct are Private
Blockchains which are usually
adapted for internal business
purposes or sandboxes. ey
compromise some virtues,
typically by not being
decentralised, in favour of
ultimate control.”
Questions?
Our questions are more likely
to be; how can the channel
become involved in this
emerging market and where can
you go to get up to speed with
the opportunities it aords?
What are the business
applications and how could
they help an SMB?
Louisa Gregory, Chief of Sta
at Colt Technology Services,
comments, “Businesses of all
sizes – especially smaller ones
that may not have internal
IT support teams or security
professionals on site – are
increasingly vulnerable to newwave
online security threats and
risks.
erefore, they’re looking for
ways to conduct core business
activities as securely as possible.
With blockchain, the ledger is
incorruptible and every veried
transaction is recorded in it. It
allows for verication without
having to be dependent on
third-parties, and because
the data cannot be altered or
deleted - and the technology uses
protected cryptography to secure
the data ledgers – means it’s an
attractive option for SMBs as
well as larger companies.
Blockchain can be used
eectively for applications
ranging from accessing cloud
storage, for supply chain
communications and proof
of provenance. ere is also
practical value in using it for
paying employees.
In Colt Technology Services’
case, it is a member of the
ITW Global Leaders’ Forum.
Last October, it announced
the successful completion of a
multi-lateral blockchain proof
of concept involving several
of its members. e proof
of concept - which was led
by Colt and PCCW Global
utilising technology created
by blockchain start up, Clear
- demonstrated along with
other carriers the viability of a
36 | Comms Business Magazine | July 2019 www.commsbusiness.co.uk
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