This past week Peter Brooks and I finished up some client research on the topic of Enterprise Blockchain. The fact is from a year or two of POC’s and poking around; real-world implementations are now underway. What’s interesting to us is that there are two ends to the spectrum of Enterprise Blockchain. At the one end, significant ambitious projects, like transforming entire global supply chains, and the other end, the transformation of under-appreciated but critical tasks. Oddly though, on the surface, there doesn’t seem to be much in between.
Although as analysts we try our best to be ‘opinionated’ pragmatists so one thing we know for sure is that the numbers don’t lie. So we can state with certainty that Enterprise Blockchain is a growing market and is set to continue to grow substantially…. Even though it will face plenty of challenges along the way.
It turns out that building a global blockchain infrastructure, though not cheap or straightforward, is very do’ able. What was impossible to access just five years ago is now accessible from any connected laptop with the swipe of a credit card. Though admittedly, there is more to be done, the global blockchain backbone exists today and is available to anyone that wants to use or develop upon it.
But the dark horse seems to be Oracle, who have quietly yet steadily creeping up on the inside track. It started innocuously enough with the release of the Oracle Blockchain Platform in late 2018. At the time it seemed like a ‘me too’ response to SAP & IBM and went largely under the radar. But in 2019 things appear to have changed, and the foot is firmly on the accelerator with the release of Blockchain SaaS applications and a slew of accelerators and tools to quickly onboard clients.
This month we launched our first Enterprise Blockchain Market Forecast. In it, we detail how the market is shifting away from the stealthy and steady growth of Blockchain infrastructure into the world of business applications. The biggest surprise in the report is something that is hiding in plain sight, as from nothing the Enterprise Blockchain market is already in 2019, a $2.9B market, one that is set to grow to over $12B by 2024.
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.