Execs considering blockchain in business plans

Historically, the biggest business risk was a competitor with new and disruptive goods or services. Today, new and non-traditional competitors with completely different business models intend to topple the incumbents.

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That’s why some surveyed executives 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, to provide them with a competitive advantage.

“With blockchain, everyone is looking at the same thing at the same time. 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. “Consortia, regulators, and innovators will help create new standards across industries and geographies. Early adopters need to move fast to help shape how these platforms evolve.”

Not for the fainthearted

Creating new platform business models is not for the faint of heart as six in 10 CIOs surveyed admit they aren’t yet fully prepared to build blockchain platforms that connect customers and partners across an ecosystem.

Yet, at the same time, some key findings from the study show:

• Of almost 3,000 cross-industry C-suite executives surveyed, 33% are already actively engaged or are considering using blockchain;
• 100% of explorers expect blockchain to support their enterprise strategy in some way; 63% aim to use it to increase transactional transparency;
• 78% of explorers are investing in blockchain either to respond to financial shifts or to develop new business models;
• Of those whose business models are under threat, over half of the explorers expect to launch an entirely new business model either within their own industry or in that of someone else’s;
• 71% of those actively using blockchain believe industry consortia are important to advance blockchain efforts;
• 78% of those actively using blockchain believe customers are important to advance blockchain efforts.

[Updated at 9.30am on 29 May 2017]