While companies like Starbucks and Nike have quickly embraced blockchain technology to enhance their brands, broader adoption within the enterprise space seems to require more time and effort.
According to industry experts, blockchain has not yet found a “killer” use case that can drive widespread adoption. Gary Liu, CEO of user data solution provider Terminal 3, believes that enterprise adoption is still in its early stages. Yue Hong Zhang, Managing Director of Boston Consulting Group, agrees, stating that enterprise blockchain has not yet experienced a breakthrough moment similar to the popularity of AI with ChatGPT.
To convince traditional corporations and brands to invest in blockchain technology, businesses have to demonstrate the corporate advantages it offers. One example is Cathay Pacific Group, which has been utilizing blockchain since 2018 for mileage marketing campaigns. The airline has also launched a blockchain rewards program for its customers in 2021.
By leveraging blockchain technology, Cathay Pacific is able to target and use customer information more efficiently for marketing campaigns. This leads to faster settlement of mileage points and reduced manual processes, resulting in cost savings.
Overall, the broader enterprise space is still exploring the potential of blockchain technology. It requires a breakthrough moment, similar to the impact of ChatGPT on AI, to accelerate adoption. In the meantime, businesses should focus on highlighting the corporate advantages and cost-saving opportunities that blockchain can provide.