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.
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.
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.
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.
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.
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.
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