Enterprise Blockchain Will Exceed $ 3.1 Trillion Within 10 years

▲James Jung (CEO of Delio, Croschain Technology) giving a speech on for B.Makers Meetup at Seoul, Gangnam Coex

According to IT advisory company, Gartner, “the value of ‘Enterprise Blockchain (EB) will exceed over $ 3.1 trillion by 2030”.

On 18th, speakers of IBM, Samsung SDS, LG NCS, KT, and others shared their projects at B.Makers meetup. Projects include IBM’s various hyperledger, Samsung SDS’ Nexledger, KT’s hyperledger on Baas (Blockchain as a Service) and LG CNS’ Monachain.

Firms can apply verification, data record tracking, payment, and data sharing on EB. Due to cost and time concerns, they seek to use cloud platform to join a business that offers EB. Recently, automatic insurance bill, safe food distribution management, marine transport tracking, and local currency publish services have emerged.

CEO James Jung of Delio (on the picture) mentioned, “By 2030, enterprise blockchain will exceed $ 3.1 trillion for its value — companies will issue their tokens in the next 5 to 6 years”. In essence, the more corporates participate in the firm network token system on EB, the bigger the scale of the enterprise blockchain industry become.

At this time, not a single token is used in private blockchain. Ones that are listed on exchanges are public coins or tokens. James added, “Once we adopt tokens on EB, it will serve as a stabilized transaction medium for data, currency and so on.” “Enterprise network token is 1. used within a firm’s ecosystem, 2. ‘value’ trading measure rather than ‘currency’, 3. issued with corporate security/collateral, 4. not going public”.

When each enterprise issue tokens in a private blockchain, it can withstand client rewards and points problems. Also, the system is reliable since data transparency prevents forgery and alteration.

Otherwise, smart contracts enable companies to integrate each enterprise token. For instance, IBM and KT can issue their tokens to be compatible under a smart contract. Competing firms will form strategic alliances to demonstrate a powerful synergy as client data connect within enterprise blockchain.

[Originally written in Paxnet News: 기업용 블록체인, 10년 내 ‘3조 달러’ 규모 성장 by Reporter Kim Kayoung (kimgoing@paxnetnews.com) July 18, 2019, https://www.paxnetnews.com/articles/50603]


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