Almost 3,000 C-suite leaders in executive positions were surveyed by IBM for their input regarding the topic of the blockchain, in the most comprehensive report on business sentiment regarding the technology. They were given a chance to discuss operational plans, revenue projections, and overall industry shifts.
According to the results, one third of these C-Suite executives are currently using or are considering the integration of blockchain technology in their business. Of those who are considering blockchain, 80 percent of these leaders are already allocating investments towards their exploration of the new technology or they are investing in reply to the industry changes that are a result of the new trend.
The study, which took place via IBM’s Institute for Business Value, included input from leaders from a variety of businesses, spanning the globe. The study compares those who are and those are not on board the blockchain bandwagon.
Brigid McDermott, Vice President of IBM’s Blockchain Business Development explained:
“With blockchain, everyone is looking at the same thing at the same time. These new trusted transactions will spawn new business models, processes and platforms where all ecosystem participants can be connected to create new value.”
McDermott further explained, “Consortia, regulators, and innovators will help create new standards across industries and geographies. Early adopters need to move fast to help shape how these platforms evolve.”
The surveyed C-Suite executives revealed that more than half of the participants in the study admit to feeling unprepared to build blockchain platforms at this time, even though they overwhelmingly agree on the need to implement blockchain into their business models. Even more eye opening; out of the studies blockchain explorers (the participants who are thinking of or are learning about blockchain technology) 100 percent of them expect their businesses to integrate or use the technology eventually.
One in five of the companies actively involved in distributed ledger technology stated in the survey that they intend to disrupt an industry by changing the rules of the game compared to just five percent of those enterprises not considering blockchain technology. Companies therefore should embrace uncertainty and navigate the unknown.
The blockchain adopters, or ‘Explorers’ as the study puts it, are all certain that this new technology will support enterprise strategy in some way, with most stating that transactional transparency, data quality and accuracy and trust in the reliability of transactions would be the main benefits.
Some people may be scratching their head and wondering what use it will be in their own business. Many may be wondering “What good is a blockchain in the superficial world of goods and merchandise?”
IBM is already influencing positive change over the notoriously vicious diamond industry. What used to be called a “blood diamond” may some day be nicknamed something better, perhaps a “blockchain diamond” because thanks to IBM and Everledger, their new service closely traces an individual diamond across the span of it’s life, from rough stones just unearthed, through the supply chain all the way to the consumers.
Just typing those words might send a wave of enchanted shivers down to your toes. These blockchain-traceable diamonds get certification deemed as “conflict free” as it moves from the mine to the consumer. The implications this has on humanity are a show of valiance and it proves that because of our technology advances, our future is full of promise. Not to add pressure to the already stressed out field of technology, but, this could enliven the rumors that blockchain technology such as this could be the start world peace.
On the more fiscally relevant side, profits can only grow as a consequence of blockchain usage across industries like the diamond market because any where along the journey of creation of a final product where there was previously a margin of loss due to clerical non consensus, those losses and product waste related to it will vanish almost entirely. So add that to the list of reasons why blockchain technology is vital to our progress as a species. CEO and founder of Everledger Leanne Kemp points out, “We are not a disruptor. We are co-evolving the industry.”