67% of companies that test blockchain invest US$100,000, says report

According to Juniper Research, most enterprises that have carried out tests where they use blockchain technology in their business are planning to invest more in blockchain research and development.

The survey found that 67% of companies that have tested blockchain invested over US$100,000 in 2016, and 91% expect to spend the same, if not more, on  blockchain trials, or aim to integrate the technology to their operations.

Juniper’s survey also revealed IBM is leading blockchain technology, with 43% of respondents ranking the supplier number one; Microsoft was second-highest ranked with 20%.

London Stock Exchange, Danish shipping company Maersk, Credit Mutuel Arkea and food distribution multinationals are now working with IBM to introduce Blockchain to their businesses.

According to Computer Weekly, the author of Juniper Research said: “Even if companies conduct initial testing using a public blockchain, in most cases, the shortcomings of these chains should disqualify them from many use cases, including financial settlement, public sector deployments, logistics and land registry.”

Juniper Research noted companies should focus on private blockchains for commercial deployments, rather than utilise public chains such as Bitcoin.

Written by Leah Alger