Fewer companies are embarking on blockchain projects today than in the 2016-2018 period, especially in North America and Europe. But those who get involved adopt a more “pragmatic” and determined approach to projects. The movement should be confirmed in 2020, according to forecasts from Forrester Research (in paid access).
“The most forward-looking companies will continue to explore strategic approaches to tokenization of assets (or conversion of rights associated with an asset into digital tokens), supported by smart contracts”, underlined in a blog post-Martha Bennett, vice president and senior analyst at Forrester.
In 2020, companies are expected to focus more on operational issues, demanding flexibility in blockchain deployment and interconnectivity between networks. The research and consulting company thus deliver the following 5 forecasts:
1. Hybrid And Multi-cloud Deployments
More than 80% of upcoming enterprise blockchain deployments will be hybrid and / or multicoloured, according to Forrester Research.
2. Battle For Leadership Between Platforms
The battle for leadership between DLT (Distributed Ledger Technology) frameworks is expected to continue. In 2019, Hyperledger Fabric, Ethereum / Quorum, Corda (R3), Digital Asset (DA), MultiChain, and Hyperledger Sawtooth gained ground. In 2020, the race for market share should be between Fabric, Ethereum / Quorum and Corda. But a single large project carried out with a new actor could change the situation, according to the research and consulting company.
3. Interoperability First
To take advantage of the blockchain, different networks (finance, delivery, logistics, etc.) will have to interact. Much of the issue in 2020 should be about the extent of the relationship: are we moving towards “simple” file-sharing or value transfer between blockchains?
4. DLT And Existing Management Solutions
There are links between existing business process management (BPM), digital process automation (DPA) and contract management solutions.
“While some established vendors are developing blockchain functionality in-house for existing management solutions, others will get started through partnerships, investments, or even acquisitions.”
5. Private Or Public Blockchain
According to Forrester, blockchain-based applications will continue to fall into two categories: Consumer-focused Decentralized Applications (DApps). These mostly use public and unauthorized blockchains. And business applications based almost exclusively on authorized networks using DLT frameworks dedicated to the business world.
“It is not realistic today to support large-scale complex use cases for enterprises in a public blockchain. However, interoperability issues between multi-blockchain silos have already led to discussions about the role of public blockchains in business processes, ”Forrester analysts observed.
Additionally, the progression of new players like Hedera Hashgraph and Kadena in the public blockchain is expected to shift the debate.