Blockchain has been a top tech trend throughout 2017 and it is set to continue to be in 2018, but when will widespread implementation happen?
As the excitement surrounding blockchain reaches a fever pitch, it has been found that 28 per cent of enterprises are now already either using or evaluating the technology.
While this seems like a substantial percentage, of this 28 per cent less than three per cent of the surveyed enterprises actually have any production applications.
The majority of those working with blockchain, 20 per cent, are still only in an evaluation phase and only four per cent are actively running trials and pilots. Only two per cent of the enterprises are actually engaging in initial implementations.
Although there is a significant gap between the number of organisations actually putting plans into motion and those testing the waters, the figure presented by 451 Research represents widespread intentions to harness the potential disruptive power.
One explanation for lack of conversion on plans could be a lack of blockchain skills, as organisations look for support and confidence in making the major transition.
Csilla Zsigri, senior analyst, cloud transformation and blockchain at 451 Research, said: “Blockchain will do for transactions what the Internet has done for information. It promises to disrupt business models and entire industries. It allows for increased trust and efficiency, and is pushing us to challenge how we define and exchange value and reward participation.”
IBM has consistently been a driving force behind commercial use cases of the still nascent technology, working with global organisations like Maersk to disrupt the outdated processes used in shipping.
The technology is gaining a great deal of attention within the financial services, JPMorgan recently announced the launch of a new payment processing network that is centred on the technology. This instance stands out as another step forward in bringing blockchain into practical, commercial use.
Mastercard is also driving blockchain innovation and implementation by releasing its blockchain APIs. Financial institutions are set to benefit from this move, allowing developers to enhance their own organisations’ blockchain capabilities.