DynaQuest, Helping Philippine Businesses in their Blockchain Journey

 

In this modern day and times, you have to cope up with innovation to sustain businesses.  Gone were the days where systems are independent from one another.  It's a connected world now!

Global business is being changed by the rapid advance of frontier technology. These technologies such as Blockchain have allowed consortiums, Fortune 500 companies and global enterprises to rethink and reimagine how transactions are done. In fact, according to the executives in the recent Deloitte’s Global Blockchain Survey of 86% have set Blockchain as a priority of their business strategy and transformation in the 2020s decade, while according to Forbes Business Insights, the current rate of global Blockchain adoption projects that the Compound Annual Growth Rate (CAGR) of Blockchain enabled markets will be at staggering 56.1% in which the global Blockchain market will be worth $69 Billion by 2027 from $2.1 Billion in 2019.


With this acceleration of Blockchain adoption, the market is at the precipice of huge changes: there will be new leaders, new challengers and there will be new forces that will challenge the status quo. Failing to adopt and transform with the technology will prove to be a major hindrance for business in terms of their competitiveness, cost-efficiency, and long-term survival beyond the late stages of the decade.

Blockchain is leading the frontier technology in the business transformation department as the platform is being primed as the essential backbone of business and enterprise information. To date, Blockchain is already making transformative benefits into the world of banking and finance as global banks are in a position to save between $8 to $25 billion annually from infrastructure operating costs. Further, Gartner estimates that the annual business value derived from Blockchain will be worth at an estimate of $3 trillion by 2030 and by the same year, Gartner projects that 10% to 20% of the global economy will be running on Blockchain-based systems.

In a closer look at the impact of the technology in the day to day micro processes; Blockchain allows businesses to verify and process information seamlessly while significantly cutting down on costs from delays resulting from transactional data needed to be verified by back office work. As such, the transformative effect follows a broad but extensive market where portability and interoperability are dictating markets and their convergence. It leaves no room for silo and niche as the technology of today is easily ported or retrofitted to fit diverse industries, aligned markets and used as turnkey factors against even the most unique cases of business needs.

 

Blockchain Transformation

In just a few years, Blockchain has progressed from a buzzword, to a nascent technology and to the most sought after technology in business transformation. The early adopters were the consortia consisting of the world’s biggest banks, the world’s tech titans and the global leaders in trade and shipping. The promising results of their respective use cases demonstrated new levels of efficiency being reached alongside an optimise process with very little friction as much as possible. It wasn’t long until enterprises began forming strategic partnerships to explore the Blockchain space and how the technology can reinvent their business as well as reach new levels of competitiveness. PricewaterhouseCoopers (PWC) published a report named Global Blockchain Survey. The report states:

 

Financial services industry accounts for 46% of the advancement in developing Blockchain, while industrial manufacturing (12%), energy & utility (12%) and healthcare (11%) are trailing.

84% of leaders responded that their companies have some involvement in Blockchain

30% of the survey respondents believe that China will be the leader in global Blockchain infrastructure by 2023 and 18% believe that the United States will still be the leaders of Blockchain, as 29% of the same respondents stated that from 2018-2021, the United States are the current global leaders.

 

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