Study Reveals 6 out of 10 Major Corporations Are Looking into Blockchain Technology Integration
According to a recent study published by analyst firm Juniper Research, 6 out of 10 large corporations (57%) are either actively considering using blockchain technology, or are already in the process of deploying it.
The study defines a large corporation as one with over 20,000 employees.
Juniper Research surveyed almost 400 IT professionals, company founders, executives, and managers to get to its results. The survey aimed to assess the fitness of blockchain programs, and in companies who have reached a proof-of-concept (PoC) stage. Two-thirds (66%) expect the technology to be successfully integrated into their systems by the end of 2018.
Out the respondents, only 15% knew “very little” about blockchain technology, while a whopping 75% believed that it can be “very useful” or “quite useful” for their company. The report added that now companies have a better understanding of blockchain technology.
It stated:
It is clear that companies across the board have a significantly greater understanding of blockchain technology than was the case 12 months ago. This stems in part from a surge in R&D (research & development) both internally and in partnership with third parties, with a recognition that blockchain has the potential to be deployed in a variety of use cases.
Windsor Holden, a blockchain specialist at Juniper Research, spoke to CNBC via email and added that for blockchain startups these are good news, as it shows a high level of demand within an enterprise space.
He further added that blockchain technology can benefit industries other than FinTech. As an example, Holden said that if a corporation is dependent upon paper-based storage solutions and has a high transaction volume, blockchain technology can be especially effective.
Even though the report clearly highlights positive developments for blockchain technology, it also advises firms that other alternatives should be considered before, as these can be cheaper and more efficient than blockchain.
Holden stated:
In many cases, systemic change, rather than technological, might be a better and cheaper solution than blockchain, which could potentially cause significant internal and external disruption.
Juniper found that various organizations underestimated the challenge of deploying blockchain technology, and that some indicated progressive concern as their firms started to come closer to deployment. Moreover, some were concerned clients could refuse to embrace the new technology.
As previously reported by CCN, blockchain technology has already started being adopted by major organizations, such as the London Stock Exchange Group. Moreover, Dubai even set a goal to become the first blockchain-powered government by 2020.
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