| | MAY - 2021ENTERPRISE SECURITY8By Mariana Gómez de la Villa, Program Director Distributed Ledger Technology, INGI n 2020, enterprises are no longer strangers to the business benefits of distributed ledger technology (DLT) solutions. Eighty-eight percent of senior executives think blockchain will eventually achieve mainstream adoption (Deloitte, 2020) and 79% of financial institutions say they dedicate resources to DLT (Accenture, Digital Asset 2020 ). So why doonly 1.6% of financial institutions go live with their DLT solutions? (Accenture, Digital Asset 2020).Over the past four years, ING's DLT team have gathered learnings about what is holding enterprise DLT back from being widely adopted? Common challenges known to the whole enterprise DLT ecosystem include privacy, interoperability, regulation and standardization issues. However, significant developments to overcome most of these well-known challenges are underway. ING's DLT team went `under-the-hood' of enterprise DLT to research less-known `hidden' issues that might be challenging the wide-scale adoption of enterprise DLT. Here's what we found out: 1) Unreliable and non-standardised data managementEighty-eight percent of companies mention data standards across networks as an important requirement for joining an industry-wide blockchain network (IBM 2020). However, DLT data quality is an issue. Currently, there are no standards for DLT data management and no processes for DLT data input. DLT cannot solve business problems with underlying issues, such as dirty data. Dirty data is inaccurate, incomplete and/or inconsistent data. DLT is immutable, so if a ledger is populated with dirty data, this cannot be changed. Most enterprises that adopt DLT do not usually considerdata quality parameters. 2) Unclear metrics for DLT successThe duration of DLT initiatives getting to go-live stage can make it hard for enterprises to forecast the true value that DLT will bring when it is in full-scale production. At ING, we believe that DLT unlocks value in various areas, besides return on investment (ROI). A recent report by IBM found that 41% of organizations are interested in blockchain for more than outright profitability (IBM 2020). Customer success, partner profitability and community engagement could be used as alternative measurements of DLT success (IBM 2020).3) DLT implementation challengesIBM's recent report on Advancing Trade with Blockchain highlighted three main DLT implementation challenges: integration, interconnectivity and interoperability Why are enterprise blockchain solutions not widely adopted yet?Mariana Gómez de la VillaIN MY OPINION
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