While blockchain adoption is expected to increase, companies are slow to fully deploy the hyped up technology.
Only 3% of companies are implementing blockchain at full scale, according to a Capgemini report released Thursday. Even though the majority of enterprises are predicted to be using blockchain by 2020, most companies are still stuck in the experimental stages of deployment, said the report.
The report surveyed nearly 450 companies across the manufacturing, consumer products, and retail industry markets. Blockchain is particularly beneficial for traditional supply chains, according to the report, as it can produce an audit trail for all transactions, improve responsiveness, expedite processes, and more.
SEE: Research: The current state and predictions for the future of blockchain in the enterprise (Tech Pro Research)
However, since blockchain is still in its infancy, 87% of companies are still in the early experimental phase with blockchain deployment, found the report. Additionally, only 10% are at a more advanced stage of experimentation, with pilot programs implemented in at least one site.
Blockchain adoption has grown and will continue to evolve in three major waves, according to the research. Wave one was coined "awareness," in which companies started learning about blockchain and its purposes. Wave two is "experimentation," our current phase, in which organizations are exploring the deployment of blockchain. Finally, wave three will be "transformation," beginning in 2019, when organizations undergo an enterprise transformation spearheaded by blockchain, according to the report.
With the transformation stage on the horizon, the UK, US, and France are leading the way in blockchain implementation and deployment, the report found. Since 2012, the US has invested more than $1 billion in blockchain startups, placing the nation at the forefront of the blockchain race, according to the report.
To deliver a strong blockchain program in your company, the report laid out six recommendations to get started:
- Determine if they need blockchain
- Assess if the company is ready
- Prepare a strategy
- Measure and track success
- Implement strong security controls
- Achieve standardization
The big takeaways for tech leaders:
- Only 3% of organizations have deployed blockchain at scale, with the rest of companies still experimenting. -- Capgemini, 2018
- The US, UK, and France have made the largest strides in blockchain investments and implementations. -- Capgemini, 2018
- The executive's guide to implementing blockchain technology (TechRepublic)
- Will blockchain be mainstream by 2025? (ZDNet)
- Blockchain: A cheat sheet (TechRepublic)
- SAP's new service makes blockchain network integration easier (ZDNet)
- How AT&T plans to kill bad drones and bring blockchain to more businesses (TechRepublic)