Two-thirds of large firms at least considering blockchain

Nearly two-thirds of large businesses with over 10,000 staff are looking to deploy new blockchain projects, up from around half last year, a new survey has found.

Tuesday 18

Two-thirds of large firms at least considering blockchain

The findings by Juniper Research also show that almost a quarter of the firms looking at blockchain have moved past the proof of concept stage to trials and commercial rollouts.

Moreover, it was found that all companies with $100,000 (£76,000) already invested in the technology would be happy to spend at least this amount again over the next 12 months.

Although this suggests most firms are positive about their experiences with blockchain, it was also found that three-quarters expect disruption to either internal systems or clients’ systems.

Research co-author, James Moar, said: “The findings illustrate the need for companies to engage in a prolonged period of parallel running new systems alongside the old to iron out any issues that might arise.”

It was also found that just 15% of proposed blockchain deployments are now related to payments, down from 34% last year, with significant interest in logistics, authentication and smart contracts.

In addition, the findings show that IBM is considered the “go-to company” for blockchain deployment, with the tech giant ranked first by 65% of respondents, and nearly 10 times that of second-placed Microsoft on 7%.

This comes after research from PricewaterhouseCoopers (PwC) found that one-quarter of business executives already have live or pilot blockchain projects underway for their companies.

However, regulatory uncertainty and trust are perceived as the two greatest barriers to wider adoption, with PwC saying companies should work together to develop a “common set of rules”.

The firm also said businesses should engage with regulators to help shape how rules evolve, and that all risk professionals be involved in developing standards from the start.

“Creating and implementing blockchain to maximise its potential is not an IT project, it’s a transformation of business models, roles, and processes,” PwC blockchain leader, Steve Davies, said.

“It needs a clear business case and an ecosystem to support it with rules, standards and flexibility to deal with regulatory change built in.”

 

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