The recently released 2023 Gartner Emerging Tech: Network Effect Is Critical to Blockchain Solution Success states, “Blockchain-based solutions are ideal for business ecosystems characterized by a lack of trust, process efficiency and asset transparency.” The research further describes the resulting “network effect” blockchain systems enable. “The network effect is defined as the exponential rewards that are reaped by all participants, wherein the more participants you have, the more rewarding the blockchain network becomes.” BurstIQ is recognized as a sample blockchain vendor in the report.
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The report covers the blockchain capabilities that can solve three primary problems in existing business networks
- Lack of Ecosystem Trust — Lack of ecosystem trust inhibits information sharing due to privacy, confidentiality or competitive reasons, where the recipient party does not trust the data, the participant’s identity or the transaction.
Blockchain addresses the lack of ecosystem trust by acting as a ledger to verify information and transactions between organizations. - Lack of Process Efficiency — Many complex business networks (such as extended supply chains) have processes and workflows that are siloed, inefficient, error-prone and expensive to operate; lack interoperability; and can incur unpredictable delays.
Blockchain solutions enable efficiency, at reduced cost, with improved data consistency and interoperability, and accelerated task completion time. - Lack of Asset Transparency — Lack of asset transparency refers to the inability to track assets through a workflow or supply chain. This creates process, cost, compliance, reconciliation and other supply chain traceability challenges.
Blockchain tokenization provides digital representations of physical or digital assets, improving transparency.
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BurstIQ: Connecting Trustworthy Data Ecosystems with Web3 Blockchain Technology
BurstIQ’s LifeGraph® is a pioneering blockchain-based platform that empowers businesses to solve complex challenges within their ecosystems. BurstIQ has been at the forefront of leveraging blockchain technology to drive trust, efficiency, and asset transparency in healthcare, financial services, supply chain management, and more.
“Through our innovative Web3-powered LifeGraph platform, BurstIQ is reshaping industries and empowering organizations to unlock the true potential of their ecosystems,” said Frank Ricotta, CEO & Founder of BurstIQ. “We believe that the power of the network effect can drive unparalleled value for our customers, and our commitment to eliminating adoption barriers ensures seamless integration with their existing systems.”
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