38% of Enterprises Plan to Adopt Blockchain Solutions in 2020

With blockchain solutions growing in popularity, the number of enterprises planning to adopt the technology in 2020 is set to increase. Data gathered by InsideBitcoins.com indicates that 38% of entities will integrate blockchain solutions into their operations this year.

From the data, 15% of the enterprise will heavily adopt blockchain solutions while 23% will have moderate adoption to manage different operations. Organizations are also planning to adopt technologies like the Public cloud. About 79% of enterprises are planning to have heavy or moderate adoption of technology.

Elsewhere, Artificial intelligence (AI)/and machine learning will be adopted by 72% of the enterprises. Other technologies to be adopted include Private cloud (70%), Multi-cloud (63%), Containers (63%), Robotic process automation (58%), Edge computing (46%), Serverless (51%) and ChatOps (40%).

A shift towards AI is aimed to help organizations fill skill gaps and automate processes to improve efficiency. For containers, it helps reduce costs while robotic process automation (RPA), increases efficiency and improves employees’ ability to meet customer demands quickly.

Edge computing adoption helps organizations gain visibility into how products are performing and how customers are using them. Additionally, organizations are also moving towards cloud technologies to protect data.

Organizations leveraging on blockchain technology

Since the inception of blockchain technology, many businesses are rushing to take advantage of the benefits that come with this technology. Most of the businesses are taking a different route by planning to set up their private versions of blockchain and cryptocurrency. As a result, there is an increasing number of blockchain startup companies coming up worldwide.

Globally, the financial sector takes the lead in adopting the technology. The technology has been applied in almost all sectors of finance like capital markets, investment management, payments and remittance, banking and lending, trade finance, and insurance.

However, over the years, blockchain technology has spread in other sectors like healthcare, agriculture, real estate, law, logistics among others. For example in healthcare, blockchain technology helps inpatient data management. Through blockchain solutions, patients can connect to other hospitals and collect their medical information automatically.

Additionally, blockchain technology can also unlock the supply chain of every product under different sectors. Already, the technology is used in enhancing food safety, offering logistic solutions and monitoring precious metals like diamonds.

Priorities for digitizations of businesses

According to the data, enterprises are guided by various priorities when it comes to digital transformations. Customer experience is the most important priority for digital transformation with 69% of entities considering it important. On the other hand, 24% feel customer experience is somewhat important.

Improving product quality and services is the second reason driving digitization with 57% considering it very important while 39% find it somewhat important. On the other hand, entities also consider new products as the reason behind digitization with 53% finding it important while 41% find it somewhat important. For a growing market drive, 53% consider it important while 33% find it somewhat important in driving digitization.

Elsewhere, technology is another priority for the digitization of operation at 52% finding it important while 43% consider it somewhat important. Saving costs is also another factor behind digitization with 52% importance while 42% find it somewhat important. Only 40% of business entities consider workforce re-skilling as important while 48% is somewhat important. Lastly, partners also play a role in driving the adoption of digitization solutions with 31% of enterprises considering it important while 52% consider it somewhat important.

The blockchain is a record of transactions existing on different devices that are instantly updated within an entire network when a transaction is added. Based on the blockchain design, technology is attractive to businesses due to the safety and verifiability of transactions. Basically, blockchain technology is anchored on three main pillars namely, decentralization, transparency, and immutability.

Private and permission blockchain systems are some of the most popular methods of blockchain use within businesses and the technology is most widely used for cross-border payments and settlements.

During the time of crisis like the current Coronavirus pandemic, blockchain technology might prove important since it cannot be taken offline contrary to centralized tracking services. Additionally, the transparency of blockchain is essential during times of crisis since it helps control chaos and panic and, thus, streamline operations.