Key Metrics Proposed for Measuring Outcomes of Blockchain Efforts

Asia Blockchain Review
November 26, 2019

The issue of actual returns of blockchain technology is in the spotlight after a survey of 550 executives found that they saw only a 10% return on investment — much lower than the average expected ROI of 24%. 

The survey’s authors have therefore proposed key metrics to measure how blockchain can contribute to business. Examples are as follows.

Auditability: Blockchain Prevents Mistakes

The survey’s authors — Sheila Warren of the World Economic Forum and David Treat of Accenture — say blockchain can help organizations raise levels of confidence in the data they are producing without having to manually validate the data. The technology prevents mistakes with a shared ledger, which ensures traceability of assets and associated activities.

Authentication: Eliminating Fraud

The survey points out that blockchain can prevent fraud with its public and private key cryptography or distributed trust model. On a blockchain-based platform, confidence in the overall network and participants increases as one user is authenticated across multiple networks.

Identity Management

Blockchain improves the management and use of digital identities by allowing more than one institution to operate it. 

“It no longer makes sense to rely upon physical documents as the only means of establishing the identity of a user or object,” the survey suggests.  

Transparency: Data Can Be Viewed in Real-time

Incidence response rate can be improved with blockchain, which gives real-time data to all designated parties and allows them to share information rapidly. Organizations can make better decisions and track and trace outcomes more efficiently with technologies that offer unlimited transparency, such as blockchain.

Other key metrics to consider when assessing blockchain adoption in enterprises include compliance, data management, data security, data sharing, ownership, payments, and process automation.

Source: www.zdnet.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Credits, Alibaba Cloud Launch Blockchain Solutions to Solve Logistics Issues
Alibaba Cloud and the Credits platform have collaborated to launch blockchain-based solutions for th...

December 13, 2019

Japanese Regulators Approve Lastroots Crypto Exchange
Two years after Japanese lawmakers legalized cryptocurrency as a means of payment, regulators have a...

December 13, 2019

Central Bank of Sri Lanka to Build Blockchain-Powered KYC System
The Central Bank of Sri Lanka has disclosed it is looking for a blockchain company to develop a know...

December 12, 2019

WWF & UnionBank to Develop Blockchain for Philippine Anglers
The World Wide Fund for Nature (WWF) Philippines and UnionBank are working together to develop a blo...

December 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us