Nearly six in 10 (57 percent) large corporations are either actively considering, or are in the process of deploying, blockchain technology, according to a new study by Juniper Research.
Almost 400 company founders, executives, managers and IT professionals responded to the Blockchain Enterprise Survey; among companies who have reached the proof of concept stage, two-thirds (66 percent) expected to integrate blockchain into their systems by the end of 2018.
The company's deep dive-strategy report identifies settlement, land registry and digital fiat currency as "best fit" opportunities for blockchain deployment, but cautions that each comes with significant barriers, according to a press release.
The research found that companies that would benefit most from blockchain implementation meet three criteria: the need for transparency and clarity in transactions;
- a current dependence on paper-based legacy storage systems; and
- a high volume of transmitted information.
However, Juniper noted that while awareness of blockchain and its benefits has increased dramatically in the past 12 to 18 months, there is a danger that companies might seek to deploy blockchain without having first considered alternative options.
"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," Windsor Holden, the author of the report, said in the release.