Blockchain could be ubiquitous by 2025, a new report from Capgemini Research Institute reveals, becoming mainstream through business and global supply chains.
The study, titled ‘Does blockchain hold the key to a new age of supply chain transparency and trust?‘, predicts that distributed ledger technology will begin to dominate sectors such as manufacturing and retail through investments and partnerships.
Sudhir Pai, chief technology officer for financial services at Capgemini, said: “There are some really exciting use cases in the marketplace that are showing the benefits of blockchain for improving the supply chain, but blockchain is not a silver bullet solution for an organisation’s supply chain challenges.
“Blockchain’s ROI has not yet been quantified, and business models and processes will need to be redesigned for its adoption. Effective partnerships are needed across the supply chain to build an ecosystem-based blockchain strategy, integrated with broader technology deployments, to ensure that it can realise its potential.”
Despite the optimistic time frame put forward by Capgemini, just 3 per cent of organisations surveyed currently use lockchain, and 10 per cent have a pilot project in the works. However, 87 per cent reported being in the early stages of blockchain experimentation.
Cost saving (89 per cent), enhanced traceability (81 per cent) and transparency (79 per cent) came out top for reasons organisations cited for investing in blockchain.
“Organisations trust blockchain technology to solve key issues and create new business opportunities, and it lends credibility to the digital ecosystem across the supply chain,” added Professor Aleks Subic, Deputy Vice Chancellor, research and development at Swinburne University of Technology. “We believe that blockchain technology will play an integral role in the digital transformation of supply chain channels for a wide range of industries in the near future.”