Blockchain is a technology to watch, and new research shows just how widespread the adoption of this technology is becoming.
A new study from Juniper Research has found that nearly 6 in 10 (57%) large corporations (with over 20,000 employees) are either actively considering, or are in the process of, deploying this technology.
Almost 400 company founders, executives, managers and IT responded to the Blockchain Enterprise Survey; amongst companies who have reached the PoC (Proof of Concept) stage, two-thirds (66%) expected it to be integrated into their systems by the end of 2018.
‘Best Fit’ for blockchain
Using data from the survey, the company’s attendant deep dive strategy report identified settlement, land registry and digital fiat currency as ‘best fit’ opportunities for deployment, but cautioned that for each of these opportunities the scale and variety of barriers were significant.
The research claimed that those companies which would benefit most from adoption include those with:
• A need for transparency and clarity in (trans)actions;
• A current dependence on paper-based legacy storage systems;
• A high volume of transmitted information.
Internal Disruption & Interoperability Key Concerns
However, Juniper argued that while awareness of blockchain and its benefits had increased dramatically in the past 12-18 months, there was the danger that companies might seek to deploy without having first considered alternative options. According to research author Dr Windsor Holden: “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.”
Indeed, the research found that companies may have underestimated the scale of the blockchain challenge. For issues such as interoperability, the proportion of survey respondents expressing concerns progressively increased as companies proceed towards full deployment, while concerns also rose sharply regarding client refusal to embrace blockchain.
The complimentary whitepaper, ‘Which Industries are the Best Fit for Blockchain?‘, is available to download from the Juniper website together with further details of the full research and the attendant IFxl (Interactive Forecast Excel).
Juniper Research is acknowledged as the leading analyst house in the digital commerce and fintech sector, delivering pioneering research into payments, banking and financial services for more than a decade.
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Kirstie Magowan is the managing editor of IT Chronicles. Kirstie is an experienced journalist and publisher who has been working in the IT Service Management industry since 1999. Kirstie is a regular speaker at industry conferences globally.