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A Cognizant report based on recent research into 1,500 European businesses has revealed that many companies lack collaboration with other firms within their respective fields to push adoption forward.
The research, ‘Blockchain in Europe: Closing the Strategy Gap’, which looked into companies across financial services, manufacturing, retail, healthcare and insurance industries, showed that major changes would need to be introduced into existing systems in order to grow the technology, and this had proved challenging in some areas. Lata Varghese, Blockchain Consulting Practice Lead at Cognizant, explained:
“In a very short time, blockchain has grown from a technology with narrow applications related to payments and cryptocurrencies, to one meriting attention from many business leaders… a focus on collaboration with other players to benefit wider industry will be key to realizing the real potential of blockchain.”
The major concern for blockchain adoption in Europe, despite the report’s revelation that 83% of continental business decision makers expect blockchain to have an important impact on their industry, is that only 2% of businesses showed a willingness to work with other firms for wider industry advancements as part of their blockchain strategy, which illustrates Varghese’s concerns.
What is clear is that European businesses realize that blockchain will play a part in their future progress but the willingness to change to accommodate this is lacking, with nearly half of the 1,500 survey respondents seeing no need to change existing models to accommodate future blockchain innovation.
Other findings from Cognizant’s report revealed that 70% of respondents saw competitive advantage as a top benefit of blockchain and 94% saw process inefficiencies as being addressable, but just over a half of respondents struggled to understand practical use cases and/or assess their costs and benefits (51%).
An example of company collaboration to push the technology forward for mutual benefit is best exemplified by a collective blockchain project by major global car producers, BMW, General Motors, Ford, and Renault who joined with other companies to launch the Mobility Open Blockchain Initiative. Other companies on the project include Bosch, Hyperledger, IOTA and IBM who are part of the project’s 30-strong membership formed to explore the potential of blockchain in the mobility space.
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