IBM has taken the top slot — beating Microsoft and Accenture — when it comes to deploying Blockchain technology across industries, a new study has said. The “Blockchain Enterprise Survey” by market research firm Juniper Research that included 400 company founders, executives, managers and IT leaders, ranked Microsoft and Accenture after IBM. Also Read - How to download and install Windows 11 Preview beta on your PCAlso Read - Your Window PC can now run Android apps
“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,” said research author Windsor Holden late on Monday. Among enterprises either actively considering, or in the process of deploying blockchain technology, more than four in 10 (43 percent) ranked IBM first — more than twice the proportion selecting second-placed Microsoft (20 percent). Also Read - Windows 11 launched: Top 5 features of Windows 11 which makes it better than Windows 10
According to the study, this reflected IBM’s high-profile R&D engagement with initiatives such as Hyperledger and its extensive list of blockchain clients across an array of key verticals and use cases, including banking, asset tracking and the music industry. Among respondents, more than two-thirds (67 percent) stated they had already invested more than $100,000 in Blockchain technology by the end of 2016 while 91 percent of these companies confirmed that they would be spending at least this amount in 2017. ALSO READ: IBM Watson to digitally power Metro Shoes
However, the report urged companies to focus on private blockchains for commercial deployments, rather than utilize public chains such as Bitcoin. IBM Blockchain provides fundamental support to transform a number of industry business practices, from banking and government to healthcare and logistics. Touted as a key technological innovation of the digital cryptocurrency Bitcoin, Blockchain technology is disrupting traditional processes across industries — from financial transactions to marine insurance and more.ALSO READ: Artificial Intelligence-enabled Cloud solutions set to win the race: IBM India
For a layman, a blockchain can serve as “an open, distributed ledger that can efficiently record transactions between two parties”. For use as a “distributed ledger”, a blockchain is typically operated by a peer-to-peer network which allows users to manage the ledger in a secure way and without the help of a third party.