A new study from Juniper Research has found that nearly 6 in 10 (57 per cent) large corporations (defined as having over 20,000 employees) are either actively considering, or are in the process of, deploying blockchain 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 per cent) expected blockchain to be integrated into their systems by the end of 2018.

 

‘Best Fit’ for Blockchain

 

Using data from the survey, Juniper’s attendant deep dive strategy report identifies settlement, land registry and digital fiat currency as ‘best fit’ opportunities for blockchain deployment, although it cautions that for each of those opportunities the scale and variety of barriers were significant.

 

The research claims that those companies destined to benefit most from blockchain 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.

 

Systemic Vs. technological change

 

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 blockchain 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). www.juniperresearch.com