Skip to main content

Blockchain New Research and Development Trends

Many business leaders have a much better understanding of blockchain technology than just a couple of years ago. There's been a surge in R&D, both internally and in partnership with third parties, and a recognition that blockchain has the potential to be deployed in a variety of commercial use cases.

As the number of blockchain research projects increased, awareness among the pilot participants and elsewhere in their industries gained momentum. Now other companies are beginning to consider whether they, too, should seek to gain a competitive advantage from a proof-of-concept deployment.

Blockchain Market Development

According to the latest worldwide market study by Juniper Research, 65 percent of survey respondent enterprises with over 10,000 employees are considering or actively engaged in blockchain deployment. This marks a significant rise from 2017 when the corresponding figure was 54 percent.

Moreover, nearly a quarter of companies considering deploying blockchain had moved beyond proof-of-concept into trials and commercial rollouts, with dramatic diversification in use cases over the past year.

Only 15 percent of proposed deployments were now related to payments -- compared with 34 percent last year -- with significant interest in opportunities across diverse fields including logistics, authentication and smart contracts.

The study findings also identified savings and cost reductions across a range of verticals in areas such as compliance and fraud reduction, including a forecast of more than $100 billion by 2030 in food exports.

The survey results revealed that nearly half of companies were considering using Ethereum as their blockchain; reflecting the fact that its token standardization has enabled the creation of an ecosystem of Distributed Applications (dApps) to be built on its chain.

Furthermore, all the responding companies which had already invested over $100,000 in blockchain indicated they would be spending at least this amount again on the technology over the next 12 months.

According to the Juniper assessment, this demonstrated initial C-suite feedback had been largely positive in most cases, sufficiently so for executives deciding to move to the next stage of integration. That said, three-quarters of respondents expect some disruption to internal or external systems.

Outlook for Blockchain Applications

"The findings illustrate the need for companies to engage in a prolonged period of parallel running new systems alongside the old, to resolve any issues that might arise," said James Moar, senior analyst at Juniper Research. Regardless, we should anticipate more blockchain application development in the future.

The survey participants also acknowledged IBM as the leading vendor for blockchain project planning and deployment, with the tech giant ranked first by 65 percent of respondents -- that's nearly 10 times more than the second-place vendor, Microsoft (7 percent).

Popular posts from this blog

How to Drive Value Creation from Digital Business

Across the globe, many forward-thinking CEOs and CFOs continue to fund business technology investments that enable meaningful and substantive digital transformations, ahead of their industry peer group. That's why CIOs and other IT leaders must now accelerate the quest for value creation and drive digital growth from those ongoing investments, according to the latest market study by Gartner. "The pressure on CIOs to deliver digital dividends is higher than ever," said Daniel Sanchez-Reina, VP Analyst at Gartner . "CEOs and boards anticipated that investments in digital assets, channels, and digital business capabilities would accelerate growth beyond what was previously possible." Digital Business Market Development   CIOs expect IT budgets to increase 5.1 percent on average in 2023 -- that's lower than the projected 6.5 percent global economy inflation rate. A Gartner survey analysis revealed several ways in which CIOs can deliver "digital dividends&qu

Digital Transformation Investment at $3.4 Trillion

Business technology leadership matters. Across the globe, more leaders have been pursuing bold Digital Transformation (DX) initiatives with the goal of creating new sources of business value through digital products, services, and experiences. As an additional benefit, the COVID-19 pandemic revealed that digital transformation efforts improve an organization's resilience against global market disruptions. Global DX investment is forecast to reach $3.4 trillion in 2026 with a five-year compound annual growth rate (CAGR) of 16.3 percent, according to the latest worldwide market study by International Data Corporation (IDC). Digital Transformation Market Development "Despite strong headwinds from global supply chain constraints, soaring inflation, political uncertainty, and an impending recession, investment in digital transformation is expected to remain robust," said Craig Simpson, senior research manager at IDC . The benefits of investing in DX technology -- including aut

Artificial Intelligence for National Border Security

National border protection agencies are under pressure to provide the highest level of security in the face of growing threats, such as increasing illegal migration and international terrorism. Now, government agencies are embracing advanced border security technologies to aid in effectively and reliably securing national borders. These solutions look to detect and identify potential threats and prevent them from escalating to a point that may jeopardize security. Security Surveillance Market Development Traditional border security patrols and Closed-circuit Television (CCTV) surveillance systems aren't adequate protection, and agencies must increasingly deploy new solutions to stay ahead of criminals and other potential threats to ensure the safety of a country’s borders. According to the latest market study by Juniper Research, the value of the border security technology market will exceed $70 billion globally in 2027 -- that's rising from $48 billion in 2022. Growing by 47 p