Phoenix Global Blockchain Enterprise Pilots First Wave Announced
Overview — First wave of completed pilots initiated at APEX Network, now Phoenix Global Blockchain (PHB/PHX)
Dear Phoenix Global Community & Partners,
We are proud to finally announce the results of the first wave of enterprise pilots initiated at APEX Network which includes a total of 6 completed pilots out of 18 that signed on.
These pilots have provided invaluable insights on paving the roadmap to faster enterprise adoption and the realities of which particular use cases are more practical and which less. From inception, enterprise blockchains have shown great promise with a variety of real-world use cases, anywhere from consumer data, marketing, finance & accounting, legal, and payments — though adoption in general in the enterprise blockchain space have been slower than expected due to priority, stage of the market, resource hurdles, and other technical and commercial difficulties.
Nonetheless, we see the market for enterprise use cases accelerating — through countless interactions with potential enterprise partners and pilot users, we see traction gaining of simple initial use cases that can be tested with the least amount of friction. We’ve come to often consider the phrase “simple is beautiful, small is effective” as a tenet for future success in accelerating enterprise adoption.
In this release, we will give a thorough overview of the first wave of the Enterprise Pilot Program and our findings.
As we see through the actual funnel of enterprises to convert to the stage of initiating pilots, it is not exactly a simple and fast process, even if clear interest is expressed.
The immediate strategic digital transformation priorities on hand, management attitude, and the supposed ease and speed of deployment are key factors to determine if the pilot process is initiated.
Interestingly, our breakdown of industries is quite widely distributed, as well as the organization size of participating organizations.
Around 70% are large or government-related organizations and 30% are SMB’s with less than 200M USD in revenue and under 1000 employees.
For each of the pilots that completed Phase 1, we have a comprehensive score for the success level of the project, with a maximum score of 5.
A score of 4 indicates an apparent use case that can prove to be quite interesting, and may present obvious economic value, and the pilot was executed with minimal problems.
All of the pilots have a result score of 3 or above (a score of 3 indicates a minimum satisfactory threshold, in that blockchain technology demonstrated has some areas of apparent value for the organization).
Though note that the success of the trial did not only depend on our technology and implementation, but also a variety of other factors including the organization’s cooperation level, supporting resources, and other factors.
Enterprise Pilots were graded against a comprehensive list of equally weighted factors, including:
- Extent which value was demonstrated in the POC (proof-of-concept)
- Technical performance factors during the pilot
- Speed/ease/timeliness of deployment
- Organization’s expressed interest and enthusiasm for future applications
Following on from this article, we will drill into additional detail through case studies and insights on the various organizations that participated in Phase 1.
Note — Organizations with pilots that culminate at Phase 1 does not mean that testing of blockchain-related applications has ended or cut short, but rather the initial scope of the pilot has been fully completed during the time period for Phase 1.
In conclusion, while our first wave of enterprise pilots represented a broad range of industries, their particular interests may be categorized as follows:
- Federated Learning
Federated Learning and Decentralized/Cooperative machine learning use cases are the most prevalent requested use case we’ve encountered, including cases where it’s secondary. This could stem from the already large number of enterprises that’s using AI-related applications (especially in China), and encounter issues relating to data privacy, or requiring a more wide range of datasets from different parties to increase efficacy. - Exchange of value
The second most common use case of value that enterprises recognize appear to be the exchange of value through on-chain protocols, including intangible assets such as loyalty points, or those backed by real-world assets.
Moving forward to drive faster adoption, it would make sense for us to create standardized solutions that may be deployed in a rapid manner, at relatively-minimal cost for these two categories of use cases.
We believe that federated learning will be one of the use cases that can easily bridge off-chain data analytics and AI, with simple and easy to use blockchain solution that interferes with the process on a minimal level and easy to deploy and link.
