Adoption of Blockchain — the underlying distrusted technology that powers cryptocurrencies such as bitcoin — is a bit like teenage sex.
“Everybody is talking about it, not many are doing it, and those that are, are doing it badly,” Vincent Doueizel, vice president for food and sustainability at the non-profit Lloyd’s Register Foundation, said at this year’s Blockchain Expo in London.
Dozens of companies, including Maersk, the Australian Securities Exchange, Louis Dreyfus, and Centrica are awkwardly fumbling in the dark. But there are very few instances of a company having succeeded in making a move from trials to fully production-ready blockchain, let alone having replaced any mission-critical processes yet.
A recent report from EY claimed the current enterprise distributed ledger technology (DLT) [another term for blockchain] landscape is fragmented, featuring dozens of different protocol specifications being developed in isolation. The majority of these networks are being deployed at small-scale for testing purposes, generally have a small number of participants and run in simple, safe environments where they do not interact with mission-critical enterprise systems.