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Enterprise Blockchain Struggles To Carve Out A Niche

The ‘revolutionary,’ ‘change the world’ promise of decentralized, permissionless blockchain solutions (including most cryptocurrencies) may be descending into a quagmire of get-rich-quick schemes, scams, and organized crime activity, but blockchain as a whole is not dead yet.

Blockchain: not as much to it as you thought

Blockchain: not as much to it as you thought

What remains above the waterline: a quieter hotbed of innovation we call ‘enterprise blockchain.’ As opposed to their problematic crypto cousins, enterprise blockchain solutions are largely permissioned and centralized – thus potentially making them safe for corporate use.

These two trends are so different, in fact, that we shouldn’t lump them together under any moniker, let alone one as overhyped as ‘blockchain.’

And yet, the differences aren’t quite in the night-and-day category. Even though enterprise blockchain has an unquestionable business focus, it is still too early to tell which enterprise blockchain approaches will become viable long-term.

Protocols, Mechanisms, and Architectures: You Pays Your Money, You Takes Your Chances

People like to compare today’s emergence of blockchain to the early days of the commercial Internet. However, this is a poor comparison, as the Internet’s early success depended on broad acceptance of basic protocols like TCP/IP, and for the Web, HTTP and HTML.

Blockchain has no such acceptance. Not only are there no meaningful protocol standards in the works, but there isn’t even any agreement on the best mechanisms for making blockchain work at all.

Consensus mechanisms are the best example of this problem. Bitcoin uses the ‘proof of work’ mechanism which enables the transaction processing nodes (aka ‘miners’) to battle for a reward – but ends up consuming impractically vast quantities of electricity.

In response, enterprise blockchain innovators have developed numerous alternative consensus mechanisms, each with its own strengths and weaknesses – and generally, none are interoperable with any of the others.

Read the entire article at https://www.forbes.com/sites/jasonbloomberg/2018/09/09/enterprise-blockchain-struggles-to-carve-out-a-niche/.

Intellyx publishes the Agile Digital Transformation Roadmap poster, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, Boardwalktech, BTL, Decent, IBM, and SAP are Intellyx customers. None of the other organizations mentioned in this article are Intellyx customers. The author does not own, nor does he intend to own, any cryptocurrency or other cryptotokens, neither long nor short. Image credit: Ted Knudsen.

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Jason Bloomberg is a leading IT industry analyst, Forbes contributor, keynote speaker, and globally recognized expert on multiple disruptive trends in enterprise technology and digital transformation. He is ranked #5 on Onalytica’s list of top Digital Transformation influencers for 2018 and #15 on Jax’s list of top DevOps influencers for 2017, the only person to appear on both lists.

As founder and president of Agile Digital Transformation analyst firm Intellyx, he advises, writes, and speaks on a diverse set of topics, including digital transformation, artificial intelligence, cloud computing, devops, big data/analytics, cybersecurity, blockchain/bitcoin/cryptocurrency, no-code/low-code platforms and tools, organizational transformation, internet of things, enterprise architecture, SD-WAN/SDX, mainframes, hybrid IT, and legacy transformation, among other topics.

Mr. Bloomberg’s articles in Forbes are often viewed by more than 100,000 readers. During his career, he has published over 1,200 articles (over 200 for Forbes alone), spoken at over 400 conferences and webinars, and he has been quoted in the press and blogosphere over 2,000 times.

Mr. Bloomberg is the author or coauthor of four books: The Agile Architecture Revolution (Wiley, 2013), Service Orient or Be Doomed! How Service Orientation Will Change Your Business (Wiley, 2006), XML and Web Services Unleashed (SAMS Publishing, 2002), and Web Page Scripting Techniques (Hayden Books, 1996). His next book, Agile Digital Transformation, is due within the next year.

At SOA-focused industry analyst firm ZapThink from 2001 to 2013, Mr. Bloomberg created and delivered the Licensed ZapThink Architect (LZA) Service-Oriented Architecture (SOA) course and associated credential, certifying over 1,700 professionals worldwide. He is one of the original Managing Partners of ZapThink LLC, which was acquired by Dovel Technologies in 2011.

Prior to ZapThink, Mr. Bloomberg built a diverse background in eBusiness technology management and industry analysis, including serving as a senior analyst in IDC’s eBusiness Advisory group, as well as holding eBusiness management positions at USWeb/CKS (later marchFIRST) and WaveBend Solutions (now Hitachi Consulting), and several software and web development positions.