Blockchain technology is now hitting the trough of disillusionment in the Gartner hype cycle. In my view, one of the primary reasons for this is that the technology climbed the peak of inflated expectations for the wrong reasons a.k.a cryptocurrency, ICO etc.
For any purist blockchain believer, this is an exciting phase because it can only go up the slope of enlightenment from here. It is now the time the technology is really understood for its true potential to offer the business value of trust, transparency, immutability, and security.
Even though I attributed the seeming failures of the technology to the crypto bubble it should also be acknowledged that the technology is yet to arrive at a solution to its inherent adoption challenges especially around the scalability of the platforms as a whole.
The blockchain development community knows this and are actively working towards developing many on-chain and off-chain solutions to scale the platform. The challenge in developing a solution lies in arriving at the right mix of compromises to make in the scalability trilemma or in making no compromises at all.
It is important to ensure scalability problems are being resolved to kick start the enterprise adoption of public Blockchains.
The silver lining here is that scalability of blockchain is not so much of a concern for permission blockchains, owing to the much lesser scale of decentralization, and the nature of the consensus algorithms employed.
Open source Hyperledger Fabric and its commercial enterprise implementation IBP (IBM Blockchain Platform) stands out as clear choices for the enterprise blockchain adoption. With execute-order-validate architecture, fabric solves the scalability problem right out of the box.
Given its concept of flexible endorsement policies and private channels, the platform is built ground up, with the enterprise security and privacy in mind making it the go-to platform for enterprise applications.
In summary, the public blockchain platforms still have some critical problems to solve to make them a viable solution for enterprises. however, the permissioned blockchain platform like IBP is matured enough to explore your blockchain adoption, and the overall state of the Distributed Ledger Technology is still as promising as ever.
Join the 3rd iteration of the ObjectFrontier blockchain webinar series “How to fast track your Blockchain Adoption with IBP” where Adam Mastrelli (Partner, Blockchain Ventures, IBM) and I (Ganeshram Ramamurthy –Technical Architect –ObjectFrontier Software) discuss Blockchain, IBP and more. We will walk you through an exciting live demo of Applications of B2B Consortium of Lenders and Related organizations in IBP. Stay tuned for more details on the date, time and registration.