Of all the developments in blockchain technology over recent years, enterprise adoption has perhaps been the most anticlimactic. As the initial coin offering bubble started to inflate during 2017, blockchain entrepreneurs and commentators alike were hyping the technology as a solution for almost every industry and business problem in existence.
Fast-forward to 2020, and progress in enterprise blockchain has been lethargic at best. Almost without exception, notable implementations of enterprise “blockchain,” such as IBM’s Food Trust or Maersk-led Trade-ins, have used distributed permissioned ledgers.
Proponents of blockchain technology point to various reasons why businesses have been slow to adopt decentralized public blockchains. A lack of scalability, cryptocurrency volatility, or plain old business conservatism are all variously blamed.
Compliance: An often-overlooked consideration
Banks alone spend a total of $270 billion each year on compliance. To put that into context, the entire market cap of all cryptocurrencies is $320 billion at the time of writing, according to CoinMarketCap.
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