New Globant Report Reveals Businesses’ Adoption of Blockchain is Still a Work in Progress
Many businesses have considered using blockchain technology to streamline processes in their business, however, a recent study by software development firm Globant shows that most of these companies are not prepared for it.
Globant’s 2019 Blockchain Technology Business Guide indicates that while about two-thirds (64%) of businesses in their survey consider blockchain a contemporary option fewer than half (46%) understand their organization is ready to truly realize the plans associated.
In fact, only about one-quarter (28%) of those surveyed have chosen a blockchain provider, and about half (42%) say they are still in the discovery phase of blockchain adoption.
One of the other results found in the survey is that Blockchain technology provides an opportunity to improve data systems. 90% of organizations report they waste time daily tracking down or sharing digital information, and almost one-in-four (24%) of these organizations waste over an hour of time. Blockchain technology can help decentralize data for easier access and sharing.
Additionally, the study concluded that the presence of blockchain can help boost consumer confidence.
71% of decision-makers believe that the implementation of blockchain technology can help boost customers' confidence in an organization's ability to protect their data. Diego Tartara, CTO Latin America at Globant said:
“Blockchain implementation is different for every organization, so it's imperative for business leaders to have a unified idea of what their integration will look like. 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.”
The technical director of Globant, Alvaro Gareppe added:
“Blockchain brings a whole new level of accessibility and trust to an organization's digital information. While before companies struggled to find information buried in inefficient digital systems, blockchain technologies decentralize information in a way that allows for much faster sharing of company assets. Similarly, blockchain can help build trust both internally and externally.”
Globant is a digitally native company where innovation, design, and engineering meet scale. They utilize the latest technologies in the digital and cognitive field to empower organizations in every aspect.
The company has more than 7,800 professionals and are present in 13 countries working for companies like LinkedIn, BBVA, EA, and Coca Cola, among others. They were named a Worldwide Leader of Digital Strategy Consulting Services by IDC MarketScape report for consecutive years.