Interview

Big Business Booming with Blockchain Interest

UK research firm Juniper Research has announced that 57 percent of the world’s biggest companies and corporations are looking at Blockchain technology as a potential integrated solution for an array of problems.

Companies with over 20,000 employees were defined in the list, which saw nearly 60 percent actively considering or even in the process of implementing Blockchain technology.

As quick as Blockchain technology has come about and been seen as value, companies are looking to be a part of the movement as soon as they can. Around two-thirds of those surveyed said they would be integrating the technology by the end of 2018.

Understanding the future

The interest in Blockchain technology has skyrocketed recently along with its associated digital currencies. But for major businesses, the idea of a distributed, unhackable, ledger, offers plenty of solutions.

“It is clear that companies across the board have a significantly greater understanding of Blockchain technology than was the case 12 months ago,” the report said.

“This stems in part from a surge in R&D (research and 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.”

New startup market

With this emerging technology, there are very few major players in the Blockchain space, rather a host of small startups that are looking to work different aspects of Blockchain technology. This interest from major corporations can only be a good thing for both the startups, as well as broadening the technology.

“For financial technology (fintech) startups in the Blockchain space, this can only be good news, since it demonstrates the high level of demand within an enterprise space that is increasingly well-informed about Blockchain,” Windsor Holden, Blockchain specialist at Juniper, told CNBC

The Blockchain specialist added that the digital element of distributed ledger technology, which is processed by a network of computers, could benefit industries other than the financial services as well.

Holden said:

“Essentially, Blockchain offers particular benefits to improve efficiency and corporate transparency. If an enterprise is heavily dependent upon paper-based storage and has high volumes of transactions or transmitted information, it can be especially effective.”

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