Wipro-HFS Research report reveals the extent of blockchain adoption in the industry today, how it will fare in the year 2020 and beyond.
According to a report by Wipro and HFS Research, nearly 75% of executives look at blockchain as a strategic priority while only 1% dismiss it as not relevant. Their survey found that nearly 75% executives are leveraging blockchain for near term business impact (process excellence and efficiency, data and identity management, and better business outcomes) or to drive competitive differentiation (reimagined IT infrastructure, additional trust in multi-party collaboration, transparent and immutable transactions).
The report has also found that more than 95% of enterprise blockchain initiatives focus on six broad areas: identity, crypto, trade, payments, supply chain, and finance. Enterprise adoption of blockchain is nascent and challenging, yet ambitious as 75% of all blockchain initiatives are less than two years old and only 14% has reached a production stage.
The report titled, ‘Ignore Blockchain at Your Peril, But Don’t Drive Blindly’ is an outcome of a global survey conducted with 300 senior executives, including more than 100 C-level executives who are closely associated with their organizations’ blockchain initiatives and analysis of 940 blockchain initiatives across industries.
Saurabh Gupta, Chief Research Officer at HFS Research said, “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. 2020 promises to be the most exciting year with enterprise blockchain adoption coming of age to solve real-world business problems. The study reveals that the financial services industry is an early adopter of blockchain technology compared to the other industries, which are now gaining ground. A balanced approach to blockchain is critical to drive meaningful success – one can no longer ignore blockchain as a value creation lever, nor should they be taken in by all the hype!”