Nearly all of large corporate executives say their companies are currently in the process of implementing blockchain technology, as reported by a new survey.
According to Juniper Research, a UK-based research and analytical services, nearly 57% of large corporate firms are either in the process of applying blockchain technology or are now evaluating how to implement it. The latest finding from Juniper Research involves surveying four hundred corporate founders, executives, and managers for its latest report.
Moreover, the research findings show that 66 percent of these companies already at the blockchain proof-of-concept stage and will be expecting to have the technology successfully integrated by the fourth quarter of 2018.
These particular figures are impressive, which shows just how many firms are currently creating blockchain prototypes as well as fleshing out potential commercial-scale solutions.
Having said that, popularity aside, this is simply not to say that the majority of companies understand completely the possible challenge they encounter in embracing this technology.
According to the report:
“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.”
Still, research author Dr. Windsor Holden warns, as potentially advantageous as it seems to be, blockchain may not be the ideal solution for several firms.
“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,” he said.
The research revealed that firms having a need for transparency that is presently dependent upon paper systems or engaged in a high number of transactions would be best to implement blockchain technology in order to accommodate their needs.