We are proud to announce the arrival of a new report to our repertoire: the 2019 Blockchain Technology Business Guide. There, we walk you through this technology from start to finish, looking at the investments, nature, and essential value of blockchain in businesses.
We surveyed 650 senior-level decision makers and among other data, and concluded that:
- Of all decision makers, 71% agree that implementing blockchain can boost customers’ confidence in an organization’s ability to protect their personal data.
- 42% of those who have researched blockchain investments are still in the discovery phase. 30% are considering possible vendors.
- Collaboration is increasingly important as blockchain evolves from version 1.0 to version 2.0, including smart contracts and better facilitating binding interactions between players.
What the report holds
Along with other emerging solutions like artificial intelligence (AI) and voice-activated devices that dominated headlines last year, blockchain can make all the difference for companies looking to take the next step with their digital strategies and capabilities. 2018 was the year for getting excited about blockchain investments, and 2019 will involve driving ROI from them. We take a good look at 650 companies’ business investments in blockchain in the report.
While decision makers are open to blockchain technology, most organizations are still in the early stages of their blockchain investment decision process, according to our surveys. Two-thirds of organizations (64 percent) consider blockchain a current tech initiative. However, the majority of organizations already researching blockchain are still in the vendor exploration and consideration phases. Overall, it’s exciting to see that blockchain is no longer just a technology of the future. It’s not just a solution companies feel is inaccessible. Blockchain is a feasible, realistic option for organizations now.
All of these decisions on the part of organizations depend also on the nature of the technology itself. Blockchain is a social technology. It can be, for companies, a solution designed to boost collaboration and trust between internal and external players. However, all parties must be on the same page and work together toward common goals. Disconnect across departments can quickly undermine the effectiveness of a blockchain solution. It’s an aspect of the technology to address with know-how beforehand rather than scrambling after implementation.
For your consideration, we also present the essential value blockchain can add to your business: trust-building and decentralization of data.
- Building trust
First and foremost, blockchain helps organizations build trust when sharing information digitally. This is a major perk, considering that in our study 10 percent of organizations currently don’t even know who has access to the company’s digital records. Blockchain overcomes this issue with an immutable ledger where individuals maintain ownership over their personal data. Within the blockchain network, individuals can set permissions for who can access their data, and for how long and for what means. These parameters build confidence when sharing and receiving information digitally, which ultimately translates into trust throughout the entire organization.
- Decentralizing data
From an operations standpoint, blockchain’s ability to decentralize data is a major opportunity to boost efficiency and streamline processes. Currently, 90 percent of organizations waste time daily tracking down or sharing digital information–this should never be the case. With blockchain, all parties can work in a decentralized environment. Everyone has access to the information they need via many distributed systems. Again, of course, individuals remain in control of their own information. Each person can self-determine who has access to their data and for what uses. Trust is built into the blockchain network. With it, organizations can take important company information out of silos and empower individuals to share accurate information in real time.
Download our Blockchain Technology Business Guide to get more in-depth information of the value and process of implementing blockchain in your organization. What we’ve shown you here is just part of it. And whatever your comfort level with this technology, the report is accessible. We even started off with a glossary of key terms, in case it’s helpful.