K
Kathleen Martin
Guest
The market opportunity in blockchain technology for managed service providers (MSPs) is significant, as more businesses look to implement blockchain and change the way they store and access data and complete transactions.
MSPs are not alone in embracing this technology. The blockchain market size is projected to grow from $4.9 billion in 2021 to $67.4 billion by 2026, a compound annual growth rate (CAGR) of 68.4 percent. Other market drivers include increased venture capital investments, growing blockchain adoption in finance, new use case in mitigating cyberattack risks, high adoption of blockchain solutions for payments, rapid deployment of blockchain driven smart contracts, digital identity management, and continued interest to use blockchain in government.
Members of CompTIA’s Blockchain Advisory Council said MSPs should begin to educate themselves on how they can integrate blockchain into their current and future solutions offerings to customers. Here are five reasons council members cited for why it’s time to start talking blockchain with customers.
1. Protecting Digital Assets Is Critical
While digital assets have been part of IT conversations for many years (consider all the discussions IT professionals have had over the years around protecting digital assets on laptops, tablets, and PCs), business leaders today are paying more attention than ever to digital asset risks. As the average consumer educates themselves on blockchain, cryptocurrency, and non-fungible tokens (NFTs), there’s plenty to learn and discuss with customers about asset protection.
“Increased protection of an individual’s privacy with regulations such as GDPR and HIPAA make the collecting and distributing of data paramount,” said Barry Mosakowski, program director of IBM CloudPak Bring-Up Lab at IBM. “Violations are not just a mistake but a crime. Currently, the concept of an NFT has been associated with digital art. In reality, an NFT is a unique and non-interchangeable unit of data stored on a blockchain. By using blockchain technology, an individual can have total control of all their personal NFTs to include things such as birth certificates, driver’s licenses, mortgages, etc.”
Despite challenges with adoption facing organizations, blockchain technology may be able to provide the protection digital assets require. “In some ways, you can think of this not a blockchain but a ‘life-chain,” he said. “It provides all the total immutable protection while allowing access to the data all within the individuals control.”
2. Limitless Applications/Vertical Opportunities
According to council members, blockchain eliminates a company’s need to create their own implementations of the technology and operate on their own rails. Multiple companies can operate on the same network which creates a larger network effect.
A blockchain-based network and automate the execution of a contract between multiple parties by writing to the blockchain the relevant results of the business process and revealing or obscuring the results according to the contractual terms. The immutable nature of the blockchain ledger eliminates the need for layers of approvals that slow down the business process. A complex process that has eight different entities operating in concert would spend thousands of hours manually checking documents to manage payments and reporting. A blockchain network seamlessly ties these companies together to make a complex process occur without continuous manual review.
Continue reading: https://connect.comptia.org/blog/5-reasons-blockchain-should-matter-to-solution-providers
MSPs are not alone in embracing this technology. The blockchain market size is projected to grow from $4.9 billion in 2021 to $67.4 billion by 2026, a compound annual growth rate (CAGR) of 68.4 percent. Other market drivers include increased venture capital investments, growing blockchain adoption in finance, new use case in mitigating cyberattack risks, high adoption of blockchain solutions for payments, rapid deployment of blockchain driven smart contracts, digital identity management, and continued interest to use blockchain in government.
Members of CompTIA’s Blockchain Advisory Council said MSPs should begin to educate themselves on how they can integrate blockchain into their current and future solutions offerings to customers. Here are five reasons council members cited for why it’s time to start talking blockchain with customers.
1. Protecting Digital Assets Is Critical
While digital assets have been part of IT conversations for many years (consider all the discussions IT professionals have had over the years around protecting digital assets on laptops, tablets, and PCs), business leaders today are paying more attention than ever to digital asset risks. As the average consumer educates themselves on blockchain, cryptocurrency, and non-fungible tokens (NFTs), there’s plenty to learn and discuss with customers about asset protection.
“Increased protection of an individual’s privacy with regulations such as GDPR and HIPAA make the collecting and distributing of data paramount,” said Barry Mosakowski, program director of IBM CloudPak Bring-Up Lab at IBM. “Violations are not just a mistake but a crime. Currently, the concept of an NFT has been associated with digital art. In reality, an NFT is a unique and non-interchangeable unit of data stored on a blockchain. By using blockchain technology, an individual can have total control of all their personal NFTs to include things such as birth certificates, driver’s licenses, mortgages, etc.”
Despite challenges with adoption facing organizations, blockchain technology may be able to provide the protection digital assets require. “In some ways, you can think of this not a blockchain but a ‘life-chain,” he said. “It provides all the total immutable protection while allowing access to the data all within the individuals control.”
2. Limitless Applications/Vertical Opportunities
According to council members, blockchain eliminates a company’s need to create their own implementations of the technology and operate on their own rails. Multiple companies can operate on the same network which creates a larger network effect.
A blockchain-based network and automate the execution of a contract between multiple parties by writing to the blockchain the relevant results of the business process and revealing or obscuring the results according to the contractual terms. The immutable nature of the blockchain ledger eliminates the need for layers of approvals that slow down the business process. A complex process that has eight different entities operating in concert would spend thousands of hours manually checking documents to manage payments and reporting. A blockchain network seamlessly ties these companies together to make a complex process occur without continuous manual review.
Continue reading: https://connect.comptia.org/blog/5-reasons-blockchain-should-matter-to-solution-providers
