Most C-suite Executives Are Using Blockchain To Adapt To Financial Shiftsby Fintech News Hong Kong June 5, 2017
A new IBM study released on 18 May revealed that a third (33 percent) of almost 3,000 C-suite executive surveyed are using or considering blockchain in their business. According to the study, eight in 10 of those exploring blockchain are investing either in response to financial shifts in their industry or for the opportunity to develop entirely new business models.
Titled “Forward Together”, the largest study done to date among C-suite executives seeks to gain their perspective on blockchain. It was based on findings from interviews with C-Suite executives across industries on how they intend to operate, generate revenue, and respond to customers, partners and competitors alike using blockchain.
Survey respondents who are using blockchain, or “Explorers” as IBM calls them are counting on blockchain technology to foster a new generation of transactional applications that are designed to establish trust, accountability, and transparency among an ecosystem of partners, in a bid to create a competitive advantage and topple the incumbents, said IBM. Respondents surveyed who are not using blockchain in any way are called “Passives”.
“These new trusted transactions will spawn new business models, processes and platforms where all ecosystem participants can be connected to create new value,” said Brigid McDermott, IBM Vice President for Blockchain Business Development.
Creating new platform business models is not for the faint of heart as six in 10 Explorer chief innovation officers surveyed admit they aren’t yet fully prepared to build blockchain platforms that connect customers and partners across an ecosystem, said the study.
Another key finding from the study showed that 63 percent of respondents aim to use blockchain to increase transactional transparency; 71 percent of Explorers believe industry consortia are important to advance blockchain efforts, and 78 percent of them cite customer relationships as a reason for them to improve on their blockchain technologies.
Blockchain to set off new innovations
Every Explorer surveyed expects to use blockchain to support a new enterprise strategy. And as blockchain increases trust and transparency across value chains, organisations and individuals will collaborate and compete in ways that can’t yet be foreseen, said the study. For example, as evident in the Institute of Business Value’s prior “Healthcare rallies for blockchains: Keeping patients at the center” study, healthcare is setting a fast pace for blockchain adoption in 2017. IBV is the innovation and research value at IBM.
If every vital sign or piece of wearable health data could be stored on the blockchain, the quality and coordination of care would be expected to rise and costs to fall, causing a potential shift to a patient-centric healthcare and personalised patient services, IBM added.
IBM launches blockchain programme
Meanwhile, on 18 May, IBM launched the Blockchain Founder Accelerator programme. The programme is intended to help enterprises and enterprise developers take blockchain networks into production faster.
The accelerator is the first program available that provides expertise and support across the technology, legal and business considerations of establishing new blockchain networks. Enterprises can join to gain exclusive access to technology and consulting expertise.As an expansion of the blockchain ecosystem program, the IBM Blockchain Founder Accelerator is designed to address the key challenges many early adopters and enterprise developers have identified through the development of leading blockchain networks.
The program provides one-on-one mentorship and support by network founders and technologists across a range of needs such as business case development, network membership incentives, technical development, governance and legal issues.
In addition, members of the Founder Accelerator will receive early access to new prebuilt software assets, delivered via IBM Cloud, to help reduce the time and technical expertise needed for developers to write complex blockchain code. These assets are based on IBM experience in building blockchain networks with more than 400 clients globally.
“Blockchain is a team sport. With the right network of participants collaborating on the blockchain, the benefits can be exponential,” said Marie Wieck, general manager, blockchain technology, IBM. “IBM has worked on more blockchain projects than any other player in the industry and we understand the challenges organisations face and the resources needed to get blockchain networks right the first time,” said Ms Wieck
Featured image via Pixabay