As the hype continues to grow in the blockchain, a new survey of C-suite executives shows that many are actively exploring whether the technology can be of use to them.
The IBM survey of 3,000 executives found that 33% are currently using, or seriously considering adopting, blockchain technology in their business.
78% of those that are exploring the technology report that they are doing so in response to financial shifts in their industry.
Other findings from the study:
- 100% of those exploring blockchain expect it to support their enterprise strategy in some way
- 63% aim to use blockchain to increase transparency
- half expect to ‘launch an entirely new business model’ within their industry
- 71% of those currently using blockchain believe consortia are important for the advancement of blockchain
“With blockchain, everyone is looking at the same thing at the same time. These new trusted transactions will spawn new business models, processes and platforms where all ecosystem participants can be connected to create value,” Brigid McDermott, vice president for blockchain business development at IBM, said.
“Consortia, regulators, and innovators will help create new standards across industries and geographies. Early adopters need to move fast to help shape how these platforms evolve.”
Business model innovation
Among C-suite executives, one of the biggest potential strategic advantages of blockchain is business model innovation.
Nearly every individual that was actively exploring blockchain was doing so as a potential way to support new enterprise strategies.
Because blockchain is centered around trust and transparency, it could open the door for new forms of collaboration and competition. In the healthcare space for instance, the storage of every piece of patient health data on a blockchain has the potential to increase the quality and coordination of care while causing costs to fall.
80% of those surveyed reported that they do not collaborate with competitors, even selectively. 68%, however, are experimenting with platform-based models that would link people, resources and organisations together in interactive ecosystems.
In a press release, IBM Blockchain said:
“For example, organizations could support micro-payments and skip the fees imposed by intermediaries or put different types of media into the direct control of their creators, which could solve the challenges associated with global licensing and royalty payments.”