Blockchain

More than a quarter of enterprises now evaluating blockchain

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(Image: Blockchain)

15 December 2017

 

More than a quarter of enterprises are now 28% of enterprises are now evaluating or using blockchain, according to 451 Research.

In a survey of more than 600 IT decision makers, 20% of organisations are using blockchain in a discovery or evaluation phase, 4% are running trials or pilots, 2% are in test and development environments, 2% are undertaking initial implementations of production applications and less than 1% have broad implementation of production applications.

Unsurprisingly, the phenomenon of ‘blockchain washing’ is rife within the market, says the research, due in no small part to a lack of understanding about how enterprises can deploy blockchain profitably while navigating a market with thousands of vendors and hundreds of consortia vying for mindshare.

Analysts have stated that blockchain has the potential to be the active ingredient for establishing universal trust amongst parties through clever code and peer consensus. In the enterprise sector, where smart contracts will dictate terms and cloud-tasking using multiple providers is the norm, there will be a need for transparency and an immutable system of record. At the edge, IoT devices could take advantage of blockchain for authentication and to store and share interactions and data.

“Ultimately blockchain will do for transactions what the Internet has done for information. It promises to disrupt business models and entire industries. It allows for increased trust and efficiency, and is pushing us to challenge how we define and exchange value and reward participation,” said Csilla Zsigri, the report author and senior analyst, cloud transformation and blockchain at 451 Research.

 

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