Blockchain technology could help usher in a whole new era for UK businesses, new research has claimed.
A report from Capgemini has found the blockchain could become ubiquitous across many businesses by 2025, primarily through playing a key role in supporting supply chains across the world.
The UK currently leads the way in supporting blockchain initiatives and implementation, ahead of the USA, and businesses here are set to boost their investment by 30 percent over the next three years, the company found.
Blockchain UK boost
Overall, only three percent of organisations are currently deploying blockchain at scale (with 10 percent saying they have have some kind of pilot scheme underway) however 87 percent of respondents said they were in some form of experimentation with the technology.
The study also found that cost saving (89 percent), enhanced traceability (81 percent) and enhanced transparency (79 percent) are the top three drivers behind current investments in blockchain.
“There are some really exciting use cases in the marketplace that are showing the benefits of blockchain for improving the supply chain, but blockchain is not a silver bullet solution for an organization’s supply chain challenges,” said Sudhir Pai, chief technology officer for financial services at Capgemini.
“Blockchain’s ROI has not yet been quantified, and business models and processes will need to be redesigned for its adoption. Effective partnerships are needed across the supply chain to build an ecosystem-based blockchain strategy, integrated with broader technology deployments, to ensure that it can realize its potential.”