On Tuesday the
World Economic Forum (WEF) released a
research paper for businesses wanting to adopt blockchain. Titled “Building Value with Blockchain Technology”, the framework addresses the need for blockchain and how to evaluate and implement the technology in specific markets. The paper was produced in conjunction with Accenture and is in part the result of a global survey of 550 people.
Building on their previous paper titled “
Blockchain Beyond Hype“, the WEF talks about how the technology in itself is just a tool for maximizing business and not an end goal. The WEF says blockchain should be part of a strategic change. Business models need to be reimagined, and relationships require a rethink, both with other companies and with customers.
According to WEF, it is estimated that worldwide spending on blockchain solutions will be $2.9 billion in 2019, before surging to $12.4 billion in 2022. Of those implementing blockchain, 68% are spending more than $1 million, with 27% spending more than $10 million. Meanwhile, over 67 percent of US companies are either deliberating the technology’s application or have already started its implementation. When asked, most of these companies attributed the adoption of blockchain to innovation and ranked new products and services at the bottom. This clearly shows that businesses are looking to maximize existing products and services before considering investing in new opportunities.
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