Although Gartner analyst Avivah Litan only gives examples from the financial sector of the use of blockchain, she answers the question that the technology is definitely not limited to this industry. “Look at Belgium’s SettleMint, which has several other implementations to its name.”
First something about Litan. She worked as a senior manager (director of financial systems) at the World Bank for fifteen years. She also worked as a journalist and columnist for the Washington Times. After working as a systems analyst at Sperry Univac and a consultant at Booz Allen Hamilton, she joined Gartner in 1999.
She specializes in all aspects related to blockchain innovations and managing AI Trust, Risk and IT security. She has a solid background in the many aspects of cyber security and fraud, including the integration of artificial intelligence (AI) in these domains. She can use that knowledge and experience in her current role, where she focuses on protecting blockchain applications as well as AI models and data.
Then something about SettleMint, a Belgian company that is doing well in the blockchain market, says Litan. The company was founded in Leuven in 2016 by Roderik van der Veer (CTO) and Matthew van Niekerk (CEO).||
Our mission is to enable every organization to innovate incredibly fast with blockchain – whether you want to improve efficiency, bring new customer experiences or completely reinvent existing business models. How do we do this? By removing the complexity of blockchain technology so that any organization can accelerate blockchain adoption and reap its benefits. Our low-code platform makes it easy for IT teams to quickly deliver blockchain applications with a visual development approach. The platform includes a number of ready-to-use tools, frameworks, templates and APIs to accelerate the development of your blockchain use case. Your blockchain application will be operational within a few weeks! And yes, you can do it yourself without prior experience with the technology,” says Van der Veer on his LinkedIn page.
SettlleMint proves that blockchain technology is not limited to the financial sector. For example, the company helped supermarket chain Carrefour make its food supply chain transparent thanks to blockchain. The digital traceability solution relies on a dynamic QR code that is applied to a product during the packaging process. The consumer simply needs to scan the QR code on the product with a smartphone to see the entire product life cycle, from farm to store.
Databroker partnered with SettleMint to explore the potential of blockchain technology to build a data marketplace infrastructure that, by addressing the pain points of the status quo, enables companies to unlock the value of their data assets and unlock the growth of the data economy.
Other applications have been built for the energy supplier Elia, VIA Don Bosco, which checks if donations go to the right place, and an application has been built together with the University of Indonesia to check if the parliamentary elections are fair.
Has blockchain finally matured? Litan believes that this statement goes too far. But the fact that the technology is proving itself in practice and will slowly be widely used is, according to her, beyond water. If we look at the Gartner hype cycle (July 2022), we look at cryptocurrencies, decentralized applications and blockchain wallets The slope of the Enlightenment to stand; blockchain platforms are at the lowest point of Through disillusionment and moving towards general applicability.
“There have been many failures in the past, but we have learned from them,” says Litan. “Furthermore, the technology has become cheaper over the years. There are now companies that offer it as a service, as a supplement to an existing infrastructure. Blockchain is undeniably moving in the right direction. There is no ‘killer app’ yet, but this technology is expected to be mature in two to ten years.”
Need a lot of glasses
The evolution of metaverse technologies simmers at a much lower level, Litan believes. She envisions “immersive experiences” thanks to the metaverse. “But it is still in the trial and error stage of learning. Companies can prepare with limited deployment, explore opportunities where metaverse technologies optimize digital operations or create new products and services. But it is still too early to determine which metaverse investments that will be viable in the long term.”
She sees metaverse technologies being used in hospitals. “The problem now is that you have to use a lot of special glasses to move through a metaverse’s version of a hospital. The technology really needs to become easier to use in order to be widely used. It will take at least another decade. Metaverse technology definitely has a future.”
Developments such as blockchain and metaverse aim to make the digital world secure. Web3 is in line with that. We are talking about a new set of technologies based on blockchain protocols that support the development of decentralized web applications and allow users to control their own identity, content and data.
Litan: “With Web3, you remain the owner of your own data; Facebook, for example, has no control over your data. The advantage of Web3 is that it has a built-in cryptocurrency; which is missing in Web2, so providers had to use the advertising model to make a profit. Web3 makes a lot possible, but it will take time.”
On the Gartner hype cycle, Web3 is to the left The height of inflated expectations.
Authors: Witold Kepinski and Teus Molenaar