What are the actual blockchain industrial applications?

Thank you for taking part to our Industrial Blockchain survey. We are pleased to share with you the results of this collaborative analysis.

Blockchain is part of the 10 strategic technology trends of 2018 listed by Gartner with a business value predicted to reach $176 billion by 2025, and increase to $3.1 trillion by 2030. Mainly used in FinTech and cryptocurrencies, blockchain could also offer a great business opportunity in industrial applications in supporting digitization, data protection, as well as the setting up of new models of collaborations within industrial chains.
Industrial Blockchain is actually part of the key bankable challenges defined by INPHO® Venture Summit investors editorial committee and will be discussed among industrial experts on the 12th of October in Bordeaux, France.

In such context, BLUMORPHO has conducted a survey on a panel of selected professionals to get on overview of Industrial Blockchain current status. Professionals include researchers, corporates and entrepreneurs from all across the globe to investigate the perception of blockchain for Industrial Application.

Challenges between technology and market readiness

blockchain industrial applications

In average the technology readiness was ranked at 58 percent, with a TRL level at 5, meaning the breadboard itself is validated in restricted and simulated environments. However, the market is ranked at 49%, meaning half of the respondents believe the market to be ready. Interestingly this gap is even wider as the level of expertise increases. Blockchain experts believe the technology is ready for widespread application, however the market has yet to adopt these novel solutions.  The challenges related to blockchain will not be the technology itself but defining the right market approach and applications.

blockchain industrial application, emerging technology

After Banking sector, media/entertainment, healthcare, and government are seen as one of the most attractive industries for Blockchain adoption.

While the application of blockchain technology cuts across every sector, there are industries that are likely to benefit more than others. Distributed ledger technology and its blockchain variables are used in corporations already on a global scale, mostly in the banking sector. Beyond fintech other sectors raise interest such as insurance, but also media/entertainment, healthcare, and government which are seen as the most attractive fields for Blockchain. This point will be actually especially addressed during INPHO Venture Summit 2018 with a dedicated session involving health authorities’ representatives as well as blockchain providers.

.blockchain application sectors

The 4 key Blockchain valuable functions
blockchain valuable functions

Supply chain solution, digital IDs, goods tracking as well as personal data management are considered as the top 4 functions to which Blockchain brings strong differentiation. These functions link with the emerging application sectors of Blockchain. For instance, the healthcare industry is seen as a promising industry with electronic medical records, identity management, data authentication between healthcare providers and other stakeholders. The wide deployment of Blockchain systems could help prevent infringements and or unauthorized uses, but also goods tracking in complex networks cross industries. blockchain industrial application use cases

Main limits to industrial blockchain market adoption and diffusion

42%

Technology complexity

42%

Interoperability / no standard

38%

Adoption / Utility

The technology complexity hinders its development while interoperability is still questionable. Interestingly the two open questions lead to new sectors of applications with solutions suggested in secure M2M communication and enabling GDPR linked solutions.

When asked what needs to happen in order for blockchain to gain more widespread use, two main themes emerged: education and usability. Many respondents pointed out that the public needs more education about what blockchain is, and what it does, while others felt that a major use case needs to emerge

The information shared in this report provides summaries of a subset of the overall data and insights collected. For questions or more information about the survey and its findings, please contact us : contact@blumorpho.com

Are you looking for opportunities in Blockchain ?