What problems does blockchain pose to companies

Blockchain technology is able to improve the operational models of organizations and increase the security of enterprises. However, many executives are still trying to figure out how to successfully use distributed ledger technology.

Stakeholder Engagement

The main blockchain champions usually manage pilot projects, which then go into the research and development phase and always exist in a controlled environment. To use them in production, the support of interested parties is necessary, which is not easy to obtain, the report says.

Understanding the value of an ecosystem

Collaboration with other companies is the key to successful implementation of the blockchain. The whole point of blockchain is that it is a team sport. If you try to do everything yourself, you can do it at the pilot project level, but if you ever want to get real benefits for production, you need to team up with others. There is no other way.

Complex legacy systems and accumulated technical lag

87% of respondents reported difficulties in implementing the blockchain as part of an existing digital transformation project, especially when a significant part of the funds has already been spent on inherited technologies.

Alternative digital solutions may be faster and more strategic in the short term, but organizations should determine whether the blockchain will provide additional benefits in the long term.

Uncertainty

Since blockchain represents a relatively new technology, prior to the launch of the project, 59% of respondents were not sure that it would give an economic effect. Many are still not sure whether this technology is ready for industrial use due to its inherent limitations and scalability problems.