From Proof of Concept to Implementation
Blockchain and distributed ledger technology are quickly gaining traction over the world. Private and public sector organisations are increasingly attempting to apply the technology to reduce costs or improve efficiency. The technology has the potential to make transactions and processes more transparent, trustworthy and efficient. Many are suggesting that it will revolutionise a number of industries. However, despite organisations’ enthusiasm and its rapid evolution, the technology is still in its infancy.
Many ‘proof of concept’ projects that attempt to prove the benefits of a particular use case of blockchain technology are underway or complete. Ultimately, most of these projects will fail and it may take years for potential benefits to crystallise. Even those that demonstrate promise will face many challenges in moving from proof of concept to implementation status.
The Global Leaders Exchange at the Future
Blockchain Summit, held in May 2018, was commissioned to further the
discussion on distributed ledger technology and formulate a set of
outcomes that will accelerate the development of the industry. These
sessions, hosted by Smart Dubai and sponsored by PwC, brought together
governments, trade associations, policy makers and enterprise to engage
in high level discussions and inform a framework to facilitate
A particular focus was given to the following:
This whitepaper summarises the main outcomes from the discussion and puts forward practical suggestions to help organisations make the transition from proof of concept to implementation.
“Blockchain will do for transactions what the internet has done for information”
There is little doubt that blockchain technology has the potential to change the nature of capitalism by bringing more trust, efficiency, transparency and accurate recording to everyday transactions. But before this can happen, challenges must be overcome to allow proof of concept projects to progress to full implementation. These challenges range from technical, to organisational, to regulatory – and are complex in nature.
Partner, Digital Trust Leader, PwC Middle East
Tel: +971 (0) 56 113 4205
Partner, Digital Trust, PwC Middle East
Tel: +971 (0) 56 480 2447