Missing pieces: Blockchain’s journey to enterprise adoption

“QR codes are a fad,” read the headline of an article published in Fall 2012. A few years later, the overhyped technology was included in a list of “Biggest Tech Fads of the Last Decade.” But then COVID happened, and now QR codes are widely used. The use cases were already there, but the need for social distance and everyone having internet-enabled smartphones combined to create the conditions for widespread use. Today, blockchain technology needs its own “Covid” moment.

PwC projected that in 2020, nearly every business would adopt blockchain 2025, boosting global GDP by US$1.76 trillion by 2030. Many analysts made similar predictions beginning around 2017. Yet today, blockchain products are not nearly as used as predicted. For a technology product to be widely used, it needs:

people changing their behaviors,
reasons for businesses to use it, and
appropriate tools to produce or consume it (aka, infrastructure).

As governments introduce digital identities and currencies, people will inevitably get used to blockchain products like digital wallets. Tackling climate change or automating business processes are reasons businesses use it. This article argues that one of the final pieces for PwC’s trillion-dollar prediction to materialize will be infrastructure products like Gora that connect blockchain smart contracts to real-world data.

What are smart contracts?

Blockchains are immutable, add-only databases where many independent parties maintain an identical copy of the database.

Each record in the database can include data like a digital asset, such as Bitcoin or a digital Euro, a credential like a driver’s license, or lines of code. The records containing code (smart contracts) are executed in response to an event.

For example, if a customer with a flight delay insurance smart contract asks to claim their payout, a smart contract would first check if the flight in question is delayed past the agreed threshold. If so, it would initiate a transaction to transfer the agreed payout amount to the customer. But since smart contracts don’t have access to real-world data, such as flight departure times, it need specia

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Author: Abdul Osman

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