UNFURLING THE BLOCKCHAIN BLUEPRINT

Organizations worldwide see blockchain as a significant force for their business and industry, and are well on their way to developing a strategy, with an eye on reducing operating costs, automating key business processes and enhancing trust and transparency, our latest study reveals.

Our recent global study of 3,000-plus senior executives found that a vast majority see blockchain as critical to reducing operating costs by allowing their organization to plug-and-play on shared IT infrastructure (private and public); automating key business processes with smart contract technology; and pursuing business opportunities that emerge from new collaborative ecosystems worldwide.

In fact, an overwhelming majority of our respondents across banking and financial services, manufacturing, retail, healthcare and insurance, and spanning IT, operations, innovation and functional business roles in Asia-Pac, Europe and North America, see blockchain as a significant force that will impact their company (92%) and industry (86%) in the years to come. They believe blockchain will empower their organization to reimagine and reinvent their business.

Many see blockchain’s ability to unlock business opportunities in new markets (53%), service lines (56%) and customer segments (52%). Their rationale: Blockchain provides the technological wherewithal to stay ahead of the competition and mitigate the threat of digital disruption. They estimate that in the short term, blockchain will generate cost savings of 2.5%-plus, and lead to revenue growth of 5% to 10%.

In other words, the blockchain adoption journey is currently well underway, with most organizations deep into defining a blockchain strategy, finalizing budgets and organizing teams. For more blockchain insights, and to read our industry-specific reports, visit cognizant.com/blockchain.