Blockchain technology has garnered attention and adoption from prominent brands like Starbucks and Nike. However, despite these early adopters, widespread enterprise acceptance of blockchain is still on the horizon. Industry experts suggest that for blockchain to scale in the corporate world, it needs a defining moment, akin to the impact ChatGPT had on the popularity of AI.
Blockchain technology is still in the early stages of enterprise adoption. To drive widespread acceptance, the industry needs a breakthrough moment similar to ChatGPT’s impact on AI. Blockchain businesses can convince traditional corporations and brands to invest in the technology by highlighting the corporate advantages it brings, such as faster and more efficient marketing and targeting.
The Current State of Enterprise Adoption
During a fireside chat at Korea Blockchain Week, Gary Liu, co-founder and CEO of user data solution provider Terminal 3, expressed his belief that enterprise adoption of blockchain is still in its infancy. He highlighted the absence of a “killer use case” that could propel the technology to reach a billion users, indicating that we are still in the early stages of its implementation.
Yue Hong Zhang, managing director and partner of Boston Consulting Group, further emphasized the lack of a pivotal moment for enterprise blockchain, similar to the rise of ChatGPT in the field of AI. Zhang explained that ChatGPT’s emergence revolutionized the perception and adoption of AI, indicating that blockchain needs a comparable breakthrough to gain widespread attention and adoption in the corporate sector.
The Importance of Corporate Advantages
To persuade traditional corporations and brands to invest in blockchain technology, Liu emphasized the need to showcase the corporate advantages that blockchain can provide. He suggested that organizations should focus on highlighting the efficiency and speed of marketing and targeting enabled by blockchain.
An example of this approach is Cathay Pacific Group, which has been utilizing blockchain since 2018 for mileage marketing campaigns. By leveraging blockchain, the airline giant has been able to expedite the settlement of mileage points and streamline the manual processes involved in marketing campaigns, resulting in significant cost savings. This successful use case demonstrates how blockchain can deliver tangible benefits to corporations.