ISG Blockchain XChange™

blockchain_Xchange_GIFYour single source of information about the business of blockchain

Tap into the market’s only database and collaboration platform designed especially to support enterprise adoption of blockchain programs and technical solutions.

Blockchain solutions cut across industries and government functions to solve complex problems related to security, traceability and efficiency. But these solutions require a new way of working. Private and public sector organizations that traditionally have not worked together now must figure out how to collaborate. To facilitate this new form of “coopetition,” new consortia are forming around the world to explore the possibilities of blockchain technology. The number and focus of these consortia is changing rapidly. To make sound decisions, you need the latest information.

ISG Blockchain XChange™ is a one-stop shop for:

  • Data on more than 50 blockchain consortia
  • Visibility into blockchain service providers
  • Up-to-date library of industry-specific blockchain solutions and use cases
  • Market insight into developing client blockchain consortia

The rigorous ISG Provider Lens™ research process guarantees the platform is always up to date, so users have access to the latest developments in the blockchain market, including information about service providers that are currently developing and delivering blockchain projects.


 

 


Blockchain-XChange-Use-Case-UtilitiesBlockchain solutions for enterprise-level business problems

Access the largest blockchain use-case library in the market. Search by industry to find the latest trends and live use cases being implemented across industries. Discover the real impact of blockchain in industries. Then tap the power of ISG Blockchain Now™ to develop a comprehensive strategy around industry proven use cases.



 


Learn how blockchain can solve your business challenges.

ISG Blockchain Now™ guides enterprises along the blockchain journey – whether you’re just beginning or already up and running. We understand the technology, and, more importantly, we understand how the technology can drive value for your enterprise. You need to solve actual business problems, and you need actionable business cases that prove blockchain can provide real returns.



 


Contact us to learn more.


Smart-Contracts-Blockchain

Smart Contracts: The Future of Contracting

Like any new technology, blockchain has evolved from an idea, to a market buzzword, and now to a real solution with applications in real business environments. The evolution from an idea to successful application takes time; though blockchain was unveiled as a concept in 1991, organizations are just now beginning to incorporate it into architected applications in their production technologies. As more and more organizations cultivate blockchain environments, one opportunity for innovation seems clear: smart contracts.

Smart contracts are the theoretical and technical rules and policies, coded within the blockchain environment, that govern transactional agreements hosted on a blockchain network. They are built inside blockchain applications or constructed as a stand-alone application that rides on a blockchain network. For a transaction on a blockchain network to take place, a smart contract ensures the policies to execute an exchange of information are satisfied. For example, if a car sales transaction system runs on a blockchain application, rules would be established to constitute a successful transaction involving customer credit checks, profitability threshold, etc. If these rules are not met, such that the customer’s credit history does not meet the requirements, the application would trigger an alert and the transaction attempt would be automatically denied by the parties on the blockchain.

As one can imagine, a smart contract is a crucial enabler or disabler of a blockchain environment. It’s imperative that stakeholders throughout the organization are engaged in constructing smart contracts and determining the proper rules to govern them.

The problem that smart contracts pose to organizations is chiefly a lack of involvement from high-level decision makers and stakeholders. Right now, smart contracts are primarily designed and built by the technical personnel and resources that have first-hand experience developing the blockchain network. Therefore, smart contracts do not garner a lot of oversight, legal sign-off or regulation. Due to their complexity, smart contracts require a great deal of maintenance in terms of engineering expertise. Despite the obstacles facing the widespread adoption of smart contracts, companies must also weigh the advantages when building out their strategic IT roadmap.

One of the primary objectives for adopting blockchain is the push to automate. Smart contracts leverage programming code to automatically execute on an agreed-upon set of results between two parties. This reduces the need for humans to intervene in the contract execution process and allows for the transaction to occur faster than traditional methods. In addition to its time-saving attributes, this automation allows for more precision within the contract. It eliminates errors so common in filing or hand-filled forms as the programming code stipulates how and when the contract should be completed. The benefits of automation are complemented by increased security around the contracts. Because smart contracts are built on a blockchain network, they get encrypted and distributed among nodes.

Similar to other blockchain applications, smart contracts are immutable, which ensures that your information is not lost, changed or stolen without proper permissions. This security is especially useful for guaranteeing the authenticity of copyrighted products, job certificates, titles, deeds and a myriad of other credentials and applications. Today, the advantages of smart contracts are helping drive new innovations in supply chain logistics and automation.

Smart contracts are being used across many industries. In the Utilities industry, smart contracts are efficiently governing the distribution of energy in microgrids. Devices in a microgrid are linked by smart sensors enabled by the internet of things (IoT). These devices monitor energy usage and reduce unneeded energy distribution while generating smart contracts based on the consumer’s real-time usage. Consumers in a microgrid often acquire their energy needs from a local prosumer through a digital transaction. This transaction is usually governed by a smart contract and the transaction is often completed via the exchange of cryptocurrencies.

Currently, certificates known as renewable energy credits (REC) are distributed to renewable sources such as wind and solar producers based on generation estimates and forecasts rather than on actual generation. However, blockchain technology can significantly reduce inaccuracies in REC distribution due to the verification required to take place on a peer-to-peer network and through real-time data reporting.

A microgrid governed by a smart contract is not only efficient, it maintains the physical health of the grid by distributing power based on real-time usage. Traditional energy distribution cannot be delivered based on exact consumption, and it runs the risk of incurring an overvoltage of the grid. An overvoltage occurs when more energy is being pumped into an energy grid than can be used and can cause the grid to shut down.

Although we are currently on the bleeding edge of microgrids and smart contracts, microgrids are a great example of how smart contracts can help govern an agreement between two parties. Because smart contracts use public domain to govern an agreement, limited legal oversight and approval is needed. This creates an opportunity for contracts to be commenced in a more efficient manner with fewer parties involved.

ISG helps enterprises across industries explore the art of the possible for smart contracts and the potential of blockchain technology. Contact us to learn more.

About the authors

As a Consultant, Jason performs financial analysis, research and data analysis, data input and manipulation, validating and reviewing solutions. He utilizes the client and industry data to create comparative analysis and proposal templates. He works with clients to analyze and solve complex technology operations problems, preparation of base case analysis models, and the creation of assessments/strategy engagements.

Patrick Heeks is a first-year analyst, who provides consulting and analytic skills in today’s growing world of technology with an exceptional understanding of finance, sales and marketing along with communication and leadership. Patrick is a great asset for ISG and its clients.

Mike Moore is an Analyst with ISG Sourcing Solutions.

Meet the Team