More good news for those tracking blockchain’s expected rise in the enterprise: a new report from Wipro has found three quarters of executives polled said they look at blockchain as an enterprise-wide strategic priority.
The report, whose title – ‘Ignore Blockchain At Your Peril, But Don’t Drive Blindly’ – intimates the overall message, was put together by HFS Research and polled 300 senior executives, a third of whom were C-suite, around current and future blockchain initiatives.
Right now, more than 95% of enterprise blockchain projects focus on six broad areas: identity, crypto, trade, payments, supply chain and finance. These initiatives are described as ‘nascent’, ‘challenging’ and ‘ambitious’, with three quarters are less than two years old. Only 14% are at production stage – a challenge which the industry continues to face.
Generally, enterprises are at the ’60-30-10’ point. The report notes around 60% of enterprises are still unclear about blockchain technologies, while almost 30% are struggling to get started.
“In 2019, we witnessed pioneering blockchain initiatives succeed and proceed from proofs of concept to pilots to ‘live, in-production’ while several other efforts failed to move beyond laboratories,” said Saurabh Gupta, chief research officer at HFS Research. “2020 promises to be the most exciting year with enterprise blockchain adoption coming of age to solve real-world business problems.”
This is by no means the only study which has derived a similar message. Earlier this month, a report from R3 argued that companies were becoming ‘smarter’ about their projects, and those who have taken the time to work on privacy, performance and integration in 2018 and 2019 were best placed to succeed in 2020.
Wipro noted 10 takeaways in total, the highlights of which include:
- Keep blockchain investments real: The correlation between blockchain project satisfaction and compelling business case, stakeholder alignment and desired outcome is high, the report said. The true potential might not be seen until adoption becomes more real and widespread
- Integrated solutions, rather than blockchain alone, will solve business problems: More than 90% of blockchain projects are interlocking with other emerging technologies – particularly IoT and machine learning
- Blockchain will require competitors to come together: Similar to prognostications around IoT, this is all around data and being deployed across organisations. ‘Until organisations are convinced of the value proposition of the hyperconnected world and a sharing economy, blockchain will struggle to realise the value potential it promises,’ the report warned
“A balanced approach to blockchain is critical to drive meaningful success,” Gupta added. “One can no longer ignore blockchain as a value creation lever, nor should they be taken in by all the hype.”
You can read the full report here (pdf, opt-in required).
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.