56% of global enterprises plan to use blockchain by 2020 thousands of innovative companies around the world are trying to solve market inefficiencies by leveraging the benefits that blockchain technology provides.
Blockchain is at an inflection point today with momentum shifting from the exploration of the concept to the building of practical business applications.
However, 45% of executives are still wary of trusting this technology with the lack of scalability and the energy-consuming mechanisms cited as the biggest deterrents to mass adoption.
To overcome these challenges, World Wide Technology (WWT) and Dell Technologies, comprised of Dell EMC and VMware, have collaboratively developed a Blockchain Solutions Lab in the UK to host “Project Concord”, VMware's project to provide a base for enterprise-grade blockchain implementations.
Project Concord addresses scaling and energy efficiency issues by using a Byzantine Fault Tolerance (BFT) consensus algorithm commonly found in blockchain networks. The Project Concord consensus engine is ten times faster than typical current blockchain industry platforms. Based on Project Concord, Dell Technologies are developing a broad, end-to-end set of blockchain capabilities, suitable for use by enterprise organisations and their applications.
Dave Locke, chief technology advisor at World Wide Technology comments: “The uptake of blockchain technology by companies around the world will see a huge shift in the way every sector does business, much like the monumental shift from paper to online in the business world. To realise this change however, new technology infrastructures need to be implemented to enable competent performance, reduced speed of transactions, embedded regulatory compliance and energy efficiency.