We need to see blockchain as an open, collaborative, and disruptive force that can be used for institutional innovation, not just a way of operating as usual. Europe is a bit conservative in assessing the importance of blockchain. A new Cognizant report "Blockchain in Europe: Bridging the Strategic Gap" highlights that although this technology has breakthrough ideas on how to solve some of the most pressing problems of today’s business and society, there are also These ideas are transformed into real challenges.
The report surveyed more than 1,500 corporate decision makers in European banking and financial services, manufacturing, retail, medical and insurance industries. People seem to be reluctant to cooperate with this type of company, which means that it may take longer to make the blockchain mainstream. The vast majority of European companies plan to develop their own modeling technology, and only 2% plan to join a consortium of blockchain startups and competitors.
However, when competitors work closely together on the blockchain platform, huge benefits can be obtained. Considering the automotive industry: BMW, General Motors, Ford and other companies have established the Mobile Open Blockchain Initiative (MOBI), a non-profit group whose goal is to "through the promotion of standards and accelerating the adoption of blockchain, distribution The ledgers and related technologies make mobile services more efficient, economical, environmentally friendly, safer and less congested.â€
From idea to reality
Blockchain is seen as a strategic imperative, and 83% of respondents expect it to have an important or very important impact on their industry, even if they are not yet sure how to affect it. However, for most European companies, this technology is being used as a new way to accomplish existing tasks, instead of using this technology for innovation. 49% of the interviewees said that the company will increase the current operating model without drastically changing the existing operating model.
According to Cognizant, in order to truly realize the potential of blockchain, European companies will need to explore new ways of operating. Instead of focusing on improving internal business processes in the traditional way, companies should also imagine how the adoption of blockchain will solve systemic problems across industries in the long run.
For example, they can greatly improve the efficiency of the order-to-cash process in the global supply chain, which is often hindered by manual data adjustment processes and data inconsistencies. However, this only works if all (at least the most important ones) supply chain partners work across the same blockchain platform.
Powerless
70% of respondents believe that competitive advantage is the biggest advantage of blockchain. Among them, business opportunities include solving process inefficiencies (94%) and creating new service projects (62%). However, the research revealed several internal obstacles that prevent the influence of blockchain technology. This includes truly understanding the use case and evaluating its costs and benefits (51%).
Many companies are still evaluating the feasibility of the technology, or comparing different blockchains, rather than focusing on the actual development of practical methods to improve business operations. The study also showed that more respondents are experimenting with private or permissioned blockchain models (40%) rather than open or public blockchains (39%). This is because public blockchains are seen as a greater data security risk.
Lata Varghese, Cognizant's Blockchain Consulting Business Director, commented: "In a short period of time, blockchain has grown from a technology with a narrow range of applications related to payments and cryptocurrencies to a technology that deserves the attention of many business leaders. Technology. The challenge faced by European companies is that blockchain is not suitable for the current operating model. It is necessary to design a new business model for the entire industry. In addition, many practical challenges still exist, including the scalability of technology and the current business model. Application integration. This way of working will mean that the full potential of the blockchain may not be realized quickly in the entire region. The blockchain needs to be seen as an open, collaborative and disruptive force that can be used for institutional innovation. It's not just a way of doing business as usual. Focusing on working with other companies to benefit the wider industry will be the key to realizing the true potential of the blockchain."
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