Survey From Tata Communications Indicates That Blockchain Has A 44% Adoption Rate Among Organizations
Blockchain has had its share of use cases throughout various jurisdictions and industries, but how much has it truly been adopted? Tata Communications, a major telecoms company in India, has decided to examine how blockchain is impacting the world, along with the barriers that the technology still faces. Their survey was published on December 12th, 2018.
One particular section, “The Cycle of Progress,” focused on the costs of blockchain and how it has inhibited some businesses from taking it on. Many leaders differ in their concept of the way that the technology can be implemented. Specifically, Europe and North America appear to be “more optimistic” about the way that this technology can give them a competitive edge.
However, the study notes,
“The perceived high cost of innovation, lack of skills and the threat of cyber-attacks are proving major barriers for digital transformation globally.”
The skills gap is another concern addressed, considering the immense need for developers to work on the three technologies with the highest adoption right now. The report shows that these technologies are blockchain, artificial intelligence, and the Internet of Things. However, all of the news is not worrying and concerns.
On the contrary, the report says,
“Regardless of where their business is on its digital transformation journey, decision makers are firmly focused on the positive impact of technology.”
Speaking on the study, the Chief Digital Officer of Tata Communications, C. R. Srinivasan, said,
“’The Cycle of Progress’ sounds a warning call for businesses, with a clear ‘perception versus reality’ gap emerging between various levels in organisations, as innovation gathers momentum.” He also said, “This disparity highlights that directors and business unit heads must get better at informing the CEO of any challenges they are facing when rolling out new technologies such as IoT and AI. CEOs should ask their teams more probing questions and not get carried away by the digital transformation hype. This reality check will help businesses make the most of the latest technology innovations to deliver new customer experiences and reimagine how they operate.”
So far, blockchain technology has made a significant enough dent in the economy that 44% of organizations are already adopting it, based on the organization that responded. Considering the ongoing debate in India about the legality of cryptocurrency, this survey may help them the economy to decide on a different endeavor. The court challenge is still going to reverse the ban that India has previously placed on cryptocurrency.
Tata Communications has been continually researching blockchain and other technologies on a large scale and have even created a whitepaper that businesses can use to apply the technology. Businesses should take note, considering the forecast that another research study had, saying that blockchain technology in the telecoms industry alone should see a valuation of $1 billion within the next 5 years.