Forrester analysts have been adding up some numbers and reached the conclusion that COVID-19 has given Blockchain initiatives a kick in the pants.
A new report with the catchy title, ‘COVID-19 Is Accelerating Critical Enterprise Blockchain Initiatives’ shows that blockchain initiatives, particularly related to supply chain and logistics, have accelerated during the pandemic, despite many budgets being cut.
VP principal analyst Martha Bennett, who wrote the report, said when COVID-19 hit, only “in production” networks kept going while everything else stopped. When the pandemic first hit and companies had to focus on the necessities of survival, only enterprise blockchain networks processing transactions as part of day-to-day business processes continued running. Practically all other DLT-related project activity ceased – although not for long.
Supply chains and the logistics operations supporting them involve multiple parties, and the pandemic has highlighted just how broken many of those processes are. By enabling companies to automate processes around shared, trusted data, DLT helps reduce cost and increase supply chain efficiency as well as resilience.
Bennett said that firms must approach DLT as an integral part of their digital strategy. This goes beyond the ability to integrate with existing systems – it’s about the whole process flow and what you can — and may need to — change in order to make the most of DLT.
