The Enterprise Blockchain market has been fueled by infrastructure and service players to date. But 2019 seems to be the pivot year for business application players to get in the game. As our new Market Forecast report details, this shift to applications has been rapid. Many startups and established technology vendors now recognize the value that Blockchain can bring to the enterprise software business.
It is a challenge, though, as just like AI, Blockchain can upend traditional ways of working and create new business opportunities. In theory, that is a good thing, but long-established vendors don’t necessarily want their traditional businesses upended. Even so, growing customer demand is fueling growth.
Though under-reported at the time, Salesforce (one of the largest enterprise software firms) made a set of announcements this year regarding Blockchain. On the surface, the announcement of a low code development tool on the Salesforce Lightning platform called unsurprisingly ‘Salesforce Blockchain’ is insignificant. However, that Salesforce is jumping into the Blockchain arena, sets the bar for others. The reason being that despite all the market excitement Salesforce tends to generate, it is a surprisingly conservative company when it comes to embracing new technology. Salesforce tends to be driven (like Dropbox) more by what its customers tell them than the press, pundits, and analysts. The bottom line is that Salesforce customers are telling them to embrace Blockchain, some of whom have already started down the Blockchain path alone.
When you think of Salesforce, you think of CRM. When you think of CRM, you wouldn’t typically think of Blockchain. In researching the Enterprise Blockchain market for the past two years, we have seen an interesting but consistent pattern emerge. Technology vendors still have an outdated and limited view of Blockchain many remain stuck in the BitCoin discussion. Buyers, on the other hand, recognized early on the potential disruptive value of immutability, shared trust, and smart contracts. Take that a step further and consider the importance of shared trust in trading networks. Be that a handful of suppliers and partners or a complex supply chain, then the opportunities for change are enormous. Add the ability to leverage smart contracts to automate and dramatically reduce the time to close transactions the excitement grows.
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