Unchain or Block the Hype?: Decision Drivers, Success Factors, and Perspectives for Blockchain Adoption
IEEE Computer Society Team
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As many venture capitalists, CEOs, and global businesses dive head-first into emerging technology adoption, it’s clear blockchain fervor is here to stay. Real-life applications from startups show promise and an exciting glimpse into a Web-3 world — for example, Ocular, a fintech cybersecurity company, utilizes blockchain-enabled security in its anti-money laundering efforts. BurstIQ revolutionizes how sensitive human data is protected through Web-3 powered blockchain smart contracts. Civic is a blockchain ecosystem that powers identity tools for Web-3, ID, and age verification.
Blockchain technology has already drastically impacted many business sectors, and Gartner predicts blockchain smart contracts will increase data quality by 50%. As the reality of blockchain inches closer, experts herald its potential usage and transformation of smart money, pharmaceuticals, energy utilities, government, and more. However, to succeed, consumer adoption needs to be prioritized, legacy systems need migration plans, and energy consumption needs to be drastically decreased to achieve a futuristic world backed by the immutable ledgers of blockchain.