The Blockchain, the whole mechanism around the distributed public-ledger as introduced in Bitcoin architecture is an undeniably ingenious invention. Since its introduction, it has evolved rapidly and has been considered to be applied in many different industries including cross-border payments, regulation/compliance, digital identities, passports, digital voting, healthcare, asset management, insurance, governmental applications and many others.
At the Cyprus International Institute of Management (CIIM), we have conducted a survey in order to collect information and understand the perspective of Executives, members of top management board and IT Decision Makers, from around the globe, regarding their perception towards Blockchain technology, as well as what are their thoughts regarding challenges and adoption of this new technology.
As a preliminary survey, we have interviewed in total 42 people from the above mentioned groups and below we present a short summary of a small subset of our findings. Note that an extensive and detailed overview of our research will be submitted to an academic business journal in the coming months, as well as the disclosure of the datasets for further research.
Short Summary of Findings
Regarding the question, in which technologies does your organization plan to invest in the future, Blockchain appeared first with a 74% percentage, followed by the data-science related technologies such as Artificial Intelligence (45%), data mining (33%) and predictive analytics (33%). This is possibly due to the fact that data science technologies are already very mature and have been more extensively applied within the enterprises rather than Blockchain technology which is more at speculator/research stage.
Next, we have asked them about what are the expected benefits of Blockchain applications for the organization. They have responded that high quality data, durability-reliability-longevity, lower transactions costs, dis-intermediation, empowered end points are all equally important.
Regarding, the challenges they expect to face while trying to implement a Blockchain project, the greater majority expressed that issues of scalability (42.5%) and lack of support and documentation (40.0%) are the top issues that an organization needs to solve while implementing a Blockchain solution. Surprisingly, a high enough percentage of the order of 35% expressed their concerns about the security and as expected a high percentage expressed their concerns on the cost of consensus mechanisms.
According to our survey, the most popular Blockchain framework seems to be Ethereum (35% declaring themselves very familiar with this framework), followed by Hyperledger and IBM Open Blockchain Initiative. Lastly, most of our responders expect that Blockchain technology will start making a serious impact after the 2019-2020 period.