New research by Juniper has found that 6 out of 10 large corporations (those with over 20,000 employees) are either in the process of, or actively considering, deploying blockchain.
The survey of 400 founders, executives, managers and IT personnel found that 66% of businesses who have reached the PoC stage expect to have blockchain fully integrated into their operations by the end of 2018.
According to Juniper it is the areas of identified settlement, land registry and digital fiat currency that represent the ‘best fit’ opportunities for deploying blockchain. These opportunities still present corporations with serious challenges of scalability.
The research asserts that the companies that stand to best benefit from blockchain are those that:
- need transparency and clarity in transactions
- are dependent on paper-based storage systems
- deal with high volumes of transmitted information
While a large number of large corporations are considering utilising blockchain, there are still some serious concerns about the technology.
The research found that while there has been an explosion in awareness of blockchain and its potential benefits, companies have underestimated the challenge of implementation. Of particular note are the problems of interoperability and client refusal to accept blockchain.
Dr Windsor Holden, researcher and author of the report, said:
“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.”