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NFTs: Hype or revolutionary?

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If you are a current SAP customer, when do you plan to migrate to SAP S/4HANA?

Top Answer: No plan to migrate soon.

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What business applications do you think NFT's will have in the near future?

Top Answer: Reward based system for staff performance. Just a thought.

Blockchain in BusinessBlockchain in Business

Blockchain technology is in the headlines but what’s the business case? Benchmark your opinions against your peers.

Are rug pulls killing the NFT Market?

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Is Web3 different from Web2 in any real way beyond its name?

Top Answer: There are differences between Web3 and Web2 that are mostly involved in trust and access. I can’t say for sure whether those two things will hold true and be enough to extend the gold rush we’ve seen with Web3/Crypto to date. But there is both an opportunity and a need to gain more freedom from the largest internet players. There is also a need to extend capabilities in finance and exchange to everyone. In theory, capabilities that have historically belonged to large financial institutions, and even governments, could be delivered in ways that allow a specialist in Angola to work directly with a buyer or exchange in Alaska. Only time will tell if this “decentralization” will be meaningful. There are certainly reasons to suggest that decentralization efforts today are as similar to centralization as Tomato and “ToMAHto” — it’s the same fruit, it just sounds different.

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Is Web3 here to stay?

Top Answer: For the enterprise, this trend isn’t likely to go away. While I believe there are a number of key reasons for that, I’m just going to focus on 4:  1. Our current security and identity mechanisms are like Ibuprofen for our headaches — they aren’t cures. The use of Blockchain for identity has a very bright future, even as an authentication and approval chain for other applications. The internet today is layered with fixes for the last fix to a legacy decision. It’s not too dissimilar from many older internal IT shops. Web3 has the potential to provide cures. Risks to future success include cross chain ID management.  2. Many of the trending solutions in IT today that are unlikely to go away, like the Metaverse, are directly supported by Web3. I believe a business without a metaverse presence in 2027 will likely not be a business at all.  3. If we can get past the fact that many of the leading Web3 companies are owned in large part by a few huge VC funds (centralized), and instead focus on what the networks can provide as alternative transaction methods for finance, trade, and more, we are likely to open up a new frontier for global access that could potentially deliver on the original promise of the internet.  4. Web3 will bring in more power for the buyer. Today we sell our souls for a “free” search or image posting opportunity, but it doesn’t have to be that way. Web3 has the potential to deliver that power.

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Blockchain in the organizationBlockchain in the organization

This report is a deep dive into the development and use of blockchain within companies.

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What are the key hurdles to blockchain implementation at the enterprise level?

Top Answer: I have been in the IT industry for many years and I've been a CIO for over 12 years. And now I serve on boards, do advisory work and invest with an early-stage VC firm. About three years ago, I took a look into the enterprise blockchain from an investment perspective. I wanted to know if this technology could be used in corporate IT, so we got experts from Ernst & Young who have done a lot of work on blockchain. We came to the conclusion that although there are definite advantages in some use cases, we didn't see a fit for broad adoption in corporate IT. But now there are a lot of changes happening with NFTs, and many companies are setting up private blockchains. When I looked at it the first time, it was too expensive. It makes more sense for supply chain operations, but even then you would still be replacing existing systems. And there are no knowledgeable resources, so where will you get the people to implement and manage the technology?

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Digital TransformationDigital Transformation

This report was created to help IT Executives understand the rate of digital transformation across their departments and pay close attention to the actors of change across organizations.

Which current applications of blockchain technology seem most promising?

Top Answer: Blockchain went through multiple iterations in terms of how it can be applied. Crypto is currently one of the most prominent applications, but blockchain is also changing the landscape when it comes to legal and governmental matters. For example, the state of Illinois is issuing their own blockchain technology to trace residents’ ID, including their voting ID and birth certificate. It’s going to be interesting given the contentious nature of patents and their evolution. We’re already seeing a bunch of private equity companies in that process, especially in biotech where there's a lot of sensitive, private information. In biotech you want to be able to track who owns what, so blockchain is a phenomenal technology to apply in that department.

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When do you expect to see widespread consumer adoption of blockchain?

Top Answer: There's a big problem with blockchain being adopted and used by consumers: People like the assurance that if somebody steals their money, they can report it to the federal government and the Treasury can trace it back to get them refunded. When it's truly up to the consumer to maintain and remember their credentials, they’ll say they need a back door and you’ll lose that accountability. Early blockchain practitioners probably still have their seed keys written down somewhere. If you try to put that responsibility on the average consumer who can't remember their passwords, you’ll have people asking to reset their Bitcoin wallets. By the time that is actually an option we'll have quantum computing, which will solve it all.

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Will developing nations adopt blockchain sooner than others?

Top Answer: I don't think developing countries will adopt blockchain sooner, mainly because of the lack of infrastructure. But there is an interesting trend of people who want to create a fully digital country. They’re betting on blockchain being the foundation of that; it could be used for issuing passports, IDs, bank accounts and birth certificates, and you could even have a currency tied to it. It's almost lunacy to think about that, but we will see more and more of that phenomenon, where certain individuals or organizations will try to create a whole ecosystem based on blockchain that is traceable that has that level of accountability. You'll probably see adoption from private organizations before you see developing countries adopting blockchain as a whole system. 

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