Juniper Research finds that 6 out of 10 corporations looking into Blockchain

75% of large corporations believe Blockchain can be very useful

In a recent Juniper Research study, 6 out of 10 large corporations are either actively considering using Blockchain technology or are already in the process of deploying it. The research involved interviewing 400 IT professionals, company founders, executives and managers. Of those two-thirds or 66% expect technology to be successfully integrated into their systems by the end of 2018.

Out the respondents, only 15% knew “very little” about blockchain technology, while a whopping 75% believed that it can be “very useful” or “quite useful” for their company. The report added that now companies have a better understanding of blockchain technology.

As the study stated, It is clear that companies across the board have a significantly greater understanding of blockchain technology than was the case 12 months ago. This stems in part from a surge in R&D (research & development) both internally and in partnership with third parties, with a recognition that blockchain has the potential to be deployed in a variety of use cases.

Windsor Holden, a blockchain specialist at Juniper Research, in an interview with CNBC added that for Blockchain startups these are good news. He further added that blockchain technology can benefit industries other than FinTech.

As an example, Holden said that if a corporation is dependent upon paper-based storage solutions and has a high transaction volume, blockchain technology can be especially effective.

Even though the report clearly highlights positive developments for blockchain technology, it also advises firms that other alternatives should be considered before, as these can be cheaper and more efficient than blockchain.

Holden stated, “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.