A new study shows that, although companies are looking to adopt blockchain, most of them feel they are not prepared to implement the technology. The survey carried out by software development firm Globant also revealed that most businesses using blockchain are yet to choose a blockchain provider.
Over 60 percent of businesses not ready for blockchain technology
According to Globant’s survey published on February 19, roughly 64 percent of businesses feel they are not ready to implement blockchain despite showing interest in the technology. The remaining 46 percent of respondents feel ready to deploy blockchain in a bid to improve their internal operations.
A large percentage of the businesses and organizations are already researching blockchain, even though they are not ready to use the technology. Roughly 61 percent of the respondents said that they are investigating the technology and comparing vendors before making any decision. The investigation into the technology means only 28 percent of those using the technology have chosen a blockchain provider.
According to Diego Tartara, CTO Latin America at Globant, the hesitation regarding blockchain is understandable since implementing the technology is different for every organization, which is why it is crucial that business leaders have a unified idea on how to deploy it. “The technology as such usually requires a shift in paradigm to adopt it, thus sharing core objectives for the technology is key for a successful blockchain integration,” Tartara added.
The software development firm obtained these results after surveying 679 top-level executives in the areas of marketing, IT, and operations in the US during the first quarter of last year.
The survey results do not come as a surprise, as most top executives in the US appreciate blockchain but are yet to use the technology to improve their operations. Earlier this month, a TD Bank survey showed that over 90 percent of treasury and finance professionals believe blockchain tech will positively affect the payments sector. However, only 14 percent of those executives are currently working towards implementing the technology.
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