Global spending on blockchain projects is projected to increase by 187.87% by 2024.
A report from Statista Research Department titled Worldwide Spending on Blockchain Solutions 2017-2024, states that blockchain spending will increase from $6.6 Billion in 2021 to $19 Billion by 2024. That is a 187.87% increase within 3 years.
The International Data Corporation (IDC) published a report in April of 2022 stating that the US government intends to increase its spending on blockchain technology by 1,000% over the next 4 years, bringing its’ expenditure to $123.5 Million by the end of this year (2022). Which companies will step in to fill the gap?
This fall, the Government Blockchain Association (GBA) will host ‘Blockchain & Infrastructure’, September 29-30, live at the National Press Club in Washington, DC. One of the panels during the 2-day conference will address Funding Blockchain Projects. Since governments are planning to increase their blockchain spending budgets, blockchain companies will benefit by preparing to be a contender for that funding.
Blockchain & Infrastructure– Sept 29-30, at the National Press Club in Washington DC.
Tickets are on sale now
Once we hear Blockchain, we think about what it is. Is that a programming language or technology or revolutionary terminology?
Blockchain is a methodology to deliver Trustable, Transparent, Reliable, Immutable, Distributed and Sustainable Software Solution. Hence we call it the Blockchain Technology Solution.
A Blockchain Technology Solution is not delivered as a product, developed by coding and testing alone. The Blockchain Technology Solution is developed considering multiple factors like process, process approach, system, product requirement, societal requirement, societal benefit, cryptography, distributed storage, self sovereign identity, peer to peer, complete security, synchronization of data and more.
So a Blockchain Technology Solution being delivered to the customer or society has to be considered in a multi-dimensional approach when it is being developed, to satisfy the needs and expectations of the customer and society.
Conventional software development focuses mostly on stated requirements and the implied requirements are taken care of as required. When it comes to quality, it has three dimensions: Stated, Implied and Delight. The Blockchain Technology Solution development as a revolutionary measure is focusing on all the three dimensions of quality: Stated, Implied and Delight.
Quality Assurance and Control in Blockchain Technology Solution is embedded from the initial stage of the software development life cycle until the end. Considering the 10 phases of SDLC – Software Development Life Cycle: initiation, concept development, planning, requirements analysis, design, development, integration and test, implementation and operations, maintenance and disposition of information systems; and the PDCA cycle – Plan Do Check Act, the Blockchain Technology Solution to be developed.
The Blockchain Maturity Model has developed an 11 element framework considering the SDLC and PDCA along with Primary and Secondary Blockchain Principles, where product and processes are integrated to provide a quality assured and controlled Blockchain Technology Solution by standardizing. The eleven elements are: Governance, Distribution, Identity Management, Interoperability, Performance, Privacy, Reliability, Resilience, Security, Infrastructure Sustainability and Synchronization.
Then how is Quality Assurance and Control embedded?
Each element has a goal with requirements and expectations deployed with each level. The levels are Initial, Documented, Validated, Production and Optimizing which are quantified 1, 2, 3, 4 & 5 respectively. The Quality Assurance and Control is embedded in these levels as requirements and expectations to ensure the optimized and sustainable delivery of the Blockchain Technology Solution.