73% of web3 experts say blockchain can enhance enterprise resiliency, transparency and security - if sustainability myths can be dispelled
London, 2nd June: Almost three-quarters of Web3 professionals believe that blockchain can greatly benefit the enterprise, especially in the areas of resiliency, transparency and security – but only if myths around its sustainability and reputation can be dispelled. According to new research from OVHcloud, 44% of blockchain experts believe that the perceptions of blockchain’s sustainability footprint poses a clear threat to its acceptance in the enterprise.
“According to a recent paper from UCL, the energy consumption per transaction of Solana – an energy-efficient proof of stake blockchain protocol – is approximately five and a half million times better than that of bitcoin, which runs on proof of work,” said Omar Abi Issa, Global Lead for Blockchain, Web3 and AI, OVHcloud. “Blockchain can be a power-efficient technology if used correctly and responsibly, but a lack of understanding across the industry has been preventing many organisations from embracing it.”
52% of blockchain professionals agreed, saying that lack of understanding and knowledge was a threat to the technology’s acceptance, while 46% said that blockchain was often still associated with cybercriminals. When asked about how blockchain could enable the enterprise, 73% said that it could improve security, resiliency and transparency, with 27% saying it could improve AI explicability and traceability. A further 61% specifically mentioned federated learning, where data is shared between machine learning platforms without violating the privacy of any one data set. This means that blockchain can help to both verify data validity without compromising its integrity and can also prevent malicious parties from altering data between systems.
“Many legacy systems are either controlled or hosted by centralized authorities,” added Abi Issa. “Blockchain provides a decentralized platform with independent trust mechanisms that can ensure transparency and explicability while preserving user privacy at the same time. For example, zero-knowledge identity mechanisms can provide proof of identity without exposing user data. Identity management is the foundation of many enterprise processes today, and by keeping user privacy intact while still integrating with third parties, we can remove risk and preserve functionality simultaneously.”
According to the research, the integration of blockchain into the enterprise – given its benefits – is inevitable. Two thirds (67%) of professionals said that it would take between one and four years for blockchain to be widely adopted and integrated across the enterprise, but a number had already seen it being implemented.
“Blockchain has the potential to transform our enterprises, enhance trust in systems like AI and improve privacy for all,” concluded Abi Issa. “In fact, one in six [16%] blockchain professionals told us that they have already seen blockchain being integrated into the enterprise today, and it’s these smart, forward-thinking businesses that will see the benefits first and blaze a trail for others to follow in the future.”
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About OVHcloud
OVHcloud is a global cloud player and the leading European cloud provider operating over 500,000 servers within 46 data centers across 4 continents to reach 1.6 million customers in over 140 countries. Spearheading a trusted cloud and pioneering a sustainable cloud with the best performance-price ratio, the Group has been leveraging for over 20 years an integrated model that guarantees total control of its value chain: from the design of its servers to the construction and management of its data centers, including the orchestration of its fiber-optic network. This unique approach enables OVHcloud to independently cover all the uses of its customers so they can seize the benefits of an environmentally conscious model with a frugal use of resources and a carbon footprint reaching the best ratios in the industry. OVHcloud now offers customers the latest-generation solutions combining performance, predictable pricing, and complete data sovereignty to support their unfettered growth.