Almost 75% of senior executives view blockchain as a strategic priority for their organisations in 2020 and beyond, whilst 1% regard the technology as not relevant, according to a survey conducted by HFS Research and Wipro.
The survey, Ignore blockchain at your peril, but don’t drive blindly, comprising 300 senior executives and 940 blockchain initiatives across the globe found that:
- More than 95% of enterprise blockchain initiatives focus on six broad areas: identity, crypto, trade, payments, supply chain, and finance.
- Nearly 75% of executives are leveraging the technology for near term business impact (process excellence and efficiency, data and identity management, and better business outcomes) or to drive competitive differentiation (reimagined IT infrastructure, additional trust in multi-party collaboration, transparent and immutable transactions).
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- Enterprise adoption of the technology is nascent and challenging, yet ambitious as 75% of all blockchain initiatives are less than two years old and only 14% have reached a production stage.
Saurabh Gupta, chief research officer at HFS Research, said, “In 2019, we witnessed pioneering blockchain initiatives succeed and proceed from proofs of concept to pilots to ‘live, in-production’ while several other efforts failed to move beyond laboratories. 2020 promises to be the most exciting year with enterprise blockchain adoption coming of age to solve real-world business problems.
“The study reveals that the financial services industry is an early adopter of blockchain technology compared to the other industries, which are now gaining ground. A balanced approach to blockchain is critical to drive meaningful success – one can no longer ignore blockchain as a value creation lever, nor should they be taken in by all the hype!”
Click here for more information about the report.