World Economic Forum releases blockchain benefits guide

Blockchain is still largely misunderstood throughout the world and so the World Economic Forum (WEF) released a paper that is meant to be a guide for understanding the benefits of the technology.

The guide touches on the strategies that companies could adopt with regards to the decentralized ledger network. It also makes sure to paint the technology with a more realistic brush rather than give readers false expectations as to what blockchain can do for them.

The paper basically breaks blockchain down to several components that would more easily be understood by firms who want to make use of them. What the WEF really wanted to emphasize was how the technology allows for doing business beyond the isolated approach that many firms employ.

The WEF made six key recommendation to organizations with regards to blockchain technology. This includes taking time to better understand the technology, setting realistic expectations, aligning to strategic priorities, evaluating blockchain's value relative to other technologies, adopting an agile approach, and thinking beyond one's individual organization.

“The decentralized nature of blockchain makes a transformation from an isolated approach to end-to-end value-chain integration within fragmented and complex environments more attainable. In fact, a lack of collaboration can undermine – or even block – such transformation. In assessing value, it is important to consider network and scaling effects, particularly as enabled by collaboration,” the paper reads.

The guide has been created in collaboration with Accenture Research and is based on a global survey of 550 individuals across 13 industries, interviews with public-sector leaders and private sector CEOs, and an analysis of 79 blockchain projects.

Around 51% of survey respondents expected “missing out on developing new products/services” if they do not invest in blockchain technology, while 23% said they were missing out on speed/efficiency gains and 15% said they were missing out on cost savings.

This is not the first paper that the WEF has released with regards to blockchain technology. It also put out one last year titled, “Blockchain Beyond the Hype,” Cointelegraph reports. This is basically part of a series of attempts by the forum to provide education to companies that are thinking of integrating blockchain into their business strategies.

Considering that a vast majority of firms all over the world are still under the wrong impression with regards to what blockchain is, reports like these are considered important. For example, it was recently discovered that nearly 70 percent of companies in the Asia-Pacific region don’t understand decentralized ledger technology. This could be remedied by simply reading the report that was released by the WEF and applying its recommended strategies.