Blockchain technology, which hit the stage back in 2009, is still in its early stages and a lot of its potential has yet to be discovered. The decentralized digital archive is currently used to transfer ownership of property, properties, patents, and even contracts. Enterprises are rapidly implementing blockchain technology to add value to their companies.
Moreover, a report by Gartner back in 2019, predicted that the business value added by blockchain will slightly increase by more than $176 billion by the year 2025. In addition, the research advisory firm’s forecast suggests that the business value will then surge upwards exceeding a massive $3.1 trillion by the year 2030.
The Gartner report indicated that, by 2025, more realistic use of the technology should have been identified, instilling confidence in the blockchain. As a result, this will spur the rapid growth and adoption of blockchain technology.
Ignore Blockchain at Your Own Peril
Moving forward, a recent report conducted by IT firm, Wipro Limited in partnership with research firm HFS, suggests that 75% of executives respondents are exploring how to utilize blockchain technology to the advantage of their firms. The report released on March 5, titled ‘Ignore blockchain at your peril, but don’t drive blindly’, claims that only 1% of executives find blockchain as unnecessary.
The report is a result of a global study, conducted with 300 executives, who include over 100 c-level executives who are directly involved in their firm’s blockchain projects. Additionally, during the survey, 940 blockchain initiatives across the industry were analyzed. The study looks at the state of enterprise blockchain and how enterprises are embracing it.
According to the chief research officer at HFS, said Saurabh Gupta:
“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…