What will it take to go from proof-of-concept to scaled enterprise impact with blockchain technology? This was the topic of a keynote address given by Tibor Mérey (Managing Director and Partner at Boston Consulting Group) at the recent London Blockchain conference.
Mérey shared learnings from 150+ blockchain and Web3 projects BCG has done in the enterprise space. He also gave concrete examples of scaled adoption and shared tangible life hacks for any blockchain player including a recipe for how to spot the right application, what it takes to scale, and which traps to avoid.
You need to create value
One of the key messages from Mérey’s presentation is that it not enough to just have a good technology stack – blockchains need to offer genuine value to businesses and governments if they are ever going to see large-scale adoption. He noted that too much of the focus still seems to fall on the technical aspects of blockchains, customers are more concerned with the return on their investment.
Mérey noted that while blockchain has evolved through phases like digital currency, smart contracts, and digital ownership, we are now entering a new era: blockchain as an embedded protocol layer governing relationships between transactions in the augmented world.
The immutable, transparent, and decentralized nature of blockchain makes it ideal for establishing the trust required in Web3 products. Highlighting some of the most promising blockchain applications, Mérey pointed to payments, DePin, and tokenisation.
Shifting with the times
Mérey noted that while payments were the initial use case for blockchain-based digital currencies, most major payment companies are now planning to leverage the technology. Blockchain offers advantages such as reduced friction, lower costs, faster settlement, and peer-to-peer transactions.
However, it is not only legacy payment systems which stand to benefit from blockchain adoption. Mérey pointed to DePIN or for Decentralised Physical Infrastructure Networks. This refers to a new model of infrastructure where physical resources are shared, managed, and monetised through decentralised networks, often leveraging blockchain technology. DePIN projects aim to disrupt traditional industries by decentralising the ownership and management of physical assets, such as telecommunications, transportation, and energy, among others.
Mérey also noted that Tokenisation, a major buzzword in the blockchain space, is gaining traction. Unlike previous trends, this one is proving to be substantial, with financial giants like BlackRock deeply involved. Mérey anticipates that tokenisation will become a $16 trillion industry.
4 key Questions for Blockchain Service Adoption
Mérey left the audience with four critical questions to consider for developing blockchain apps and services that drive faster adoption:
- Does it solve a significant problem? It needs to address a pressing issue that compels customers to act and invest.
- Will it work? Many ideas look promising on paper, but will they truly solve the intended problem?
- Can you win? Is your product unique? What gives you a competitive edge?
- Will it grow? Can you build a sustainable, scalable business around it? Will it disrupt the industry?
The BSV blockchain stands apart
The BSV blockchain stands out from other public blockchains by being vastly more scalable and efficient. Its low transaction fees enable companies to manage a high volume of transactions and data without the concern of network congestion.
Additionally, the BSV blockchain’s stable protocol and fixed block size offer a dependable and predictable environment, crucial for enterprise-level applications. Its emphasis on data management and security allows businesses to store, manage, and verify large amounts of data transparently and immutably. Additionally, its dedication to regulatory compliance and industry standards builds trust and provides legal certainty.
Learn more about how the BSV blockchain can help your business here.
