UK businesses ‘shoehorning blockchain into existing models’

“A lot of companies are trying to shoehorn blockchain into existing models and, as a result, it is not being utilised effectively, nor does it maximise the advantages that the technology can bring,” says Adi Ben-Ari, Founder and CEO at Applied Blockchain.

“Instead, enterprises should be looking at blockchain technology as a structural industry step-change – and reshaping their current business models around it. Businesses most accommodating of the technology, and most willing to adapt to it, will provide their customers with the most efficiencies, and they will therefore see the greatest long-term benefit.”

In May, the company launched Fern, a smart contract protocol for decentralising private blockchain networks. “Blockchain is all about increasing security and trust for end users, and, understandably, enterprises are nervous about taking such an evolutionary step in decentralising assets and processes,” says Ben-Ari.

“Thousands of enterprise blockchain solutions are deployed today in private networks, but these are typically controlled by one, or a very limited number of parties. Blockchain technology distributes control to a group of independent parties to increase security and trust, but the current level of centralised control undermines those benefits.”

Applied Blockchain has announced a limited sale of FERN ERC-20 tokens that will be required by participants to gain access to the ecosystem and use the protocol.