HfS Research, a top global consulting firm that focuses on innovations that impact enterprises, recently published The HfS Top 10 Enterprise Blockchain Services 2020. The report provides an in-depth analysis of business impact, popular use cases, and the public-vs. private blockchain race.
Through the investigation of 4,200 blockchain engagements across industries and around the world, the authors provide a comprehensive and foundational analysis of the blockchain services market for enterprises.
The BCoE is pleased to share this report, as it identifies two BCoE Executive Advisory Board Members—IBM and EY—as one of the top three blockchain enterprise service providers based on execution, innovation, and customer delivery.
This report is chalked full of valuable information and analysis of the blockchain ecosystem, so we decided to share our breakdown of this leading research.
2020 could be characterized as the “coming-of-age” story for the adoption of enterprise blockchains.
Why do we say this?
- Multiple projects have evolved from concepts to pilots to live-in production.
- In 2019, the enterprise blockchain service market witnessed a significant surge. The amount of both engagements and dedicated talent pool for blockchain services nearly doubled.
- Enterprise blockchain adoption is a cross-industry global phenomenon. The first mover––from an enterprise blockchain perspective—was banking and financial services, which accounts for over 35 percent of engagements. Other industries are progressing rapidly.
- Supply chain has emerged as the hottest use case for blockchain.
- We are hurtling toward a hyperconnected economy, and blockchain will provide the way to make it happen. No particular organization monopolizes the customer experience, and peers and competitors must determine how to collaborate. Blockchain, artificial intelligence, and other emerging technologies will serve as key tools in this collaboration.
Bottom Line: Blockchain is emerging as a powerful architectural technology with the potential to impact enterprise and B2B ecosystems as much as the internet and cloud.
The blockchain “six-pack” is altering the way we think.
Six blockchain value-drivers for enterprises known as the blockchain “six-pack” are driving unparalleled interest from enterprises and changing the way we think about data storage, business transactions, industry value chains, and associated revenue models.
The report describes six built-in blockchain features with “long-term potential for disruption when enterprises leverage them intelligently in relevant business use cases.”
The blockchain six-pack includes:
- Distributed shared data over peer-to-peer (P2P) network reduces single points of failure.
- Consensus-driven trust cuts out the middleman
- Immutable transactions ensure trust
- Security driven by hashing-based data
- Smart contracts promote touchless interactions across process chains
- Permissioned and permissionless flavors give enterprise users flexibility
Top ten enterprise blockchain service providers
HfS assessed leading blockchain service providers through discussions with leadership teams, input from enterprise clients, and analysis of over 4,000 blockchain engagements spanning across several industries and the globe.
The top three providers across execution, innovation, and customer delivery are IBM, Accenture, and EY, respectively. HfS compiled in-depth, insightful profiles for each provider.
Ultimately, the report stated that a number of providers are doing exceptional work to invest, experiment, and develop enterprise blockchain solutions.
An exciting future
According to US Blockchain Practice Leader at Ernst & Young and Blockchain Center of Excellence Executive Advisory Board Member, Chen Zur, promoting, developing and implementing public blockchains is far from simple, but 2020 is expected to be momentous.
“As 2020 promises to be the most exciting blockchain year—we could see enterprise blockchain adoption come of age to solve real-world business problems,” — Chief Resource Officer Saurabh Gupta