State of Enterprise Blockchain: A Mid-Year Review
This project reports on the state of the enterprise blockchain space. It begins with commentary on the state of the world writ large—from the pandemic’s effects on the economy and the global need for vaccinations to the K-shaped recovery and the consequences of helicopter money (e.g., inflation). It covers a series of developments relevant to enterprise users: the price volatility of cryptocurrencies, the shortcomings of consensus mechanisms for enterprise needs, the growth of stablecoins, the status of tokenless blockchains and blockchain-as-a-service offerings, and the latest on central bank digital currencies (e.g., China’s digital currency electronic payment initiative). It concludes with a summary of implementation challenges that enterprise applications must overcome to gain traction. It’s time for blockchain innovators to address enterprise leaders’ tough questions about use cases, regulation, criminal usage, and environmental harm.