Blockchain: The best economic time to adopt a disruptive technology, still little implemented

Barcelona, August 24, 2020.- Blockchain technology is still unknown by large and small companies. Its adoption is slow, according to the CapGemini consulting firm. In other words, now is the best economic time to bet on a new technology with numerous benefits and competitive advantages. On its progressive implementation, we have read the conclusions of CapGemini in Usnewsrank:

Blockchain has long been touted as a solution to a variety of shows, including:

  • Blockchain dramatically increases transparency and responsiveness, which were previously difficult and very expensive.
  • It helps the end consumer to definitively identify whether a product is made by a given brand, ensuring authenticity and reducing counterfeits.
  • It helps an organization quickly trace contamination to its source and avoid massive recalls that are costly and potentially damaging to product reputation.

However, as a new report from the Capgemini Research Institute, “Does blockchain hold the key to a new era of transparency and trust in the supply chain?” reveals that only 3% of organizations are implementing blockchain use cases at scale.

This means that the vast majority (87%) are in an early experimental or proof of concept stage. While 10% are at an advanced stage of experimentation, with pilots in at least one site

When asked about the drivers behind blockchain technology implementation, respondents responded as follows:

Cost savings – 89%

Improved traceability – 81%

Improved transparency – 79%

Increase in income – 57% 

Reduce risk – 50%

Start a new business Opportunities – 44%

Being a customer – 38%

The report examines the most common use cases for manufacturing, consumer products, and retail. For manufacturing, supplier management is the reason for adoption. For consumer products, provenance tracking solutions offer the most appeal. And retailers are focusing on digital markets and preventing counterfeits.

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