Amber Hickman |
A new report from blockchain solution provider SettleMint has revealed that 86 per cent of IT executives believe that blockchain technology offers a competitive advantage in supply chain management.
The State of Blockchain Transformation in Supply Chain surveyed 200 executives to determine current strategies and challenges in blockchain transformation.
Results showed that 78 per cent of organisations have experimented with the technology, but only 38 per cent have been successful. Those that have experimented state that the biggest challenge is the difficulty in integrating it with legacy systems, whilst those still yet to make the leap state that a lack of budget is the top hurdle.
The survey also revealed the current top potential use cases for organisations that are beginning to experiment with the technology including environmental, social and governance reporting (68 per cent), data sharing and interoperability (65 per cent), and streamlined payments (64 per cent).
To help organisations succeed with blockchain transformation, SettleMint also provided actionable takeaways to consider. This includes increasing buy-in for an increased budget, investing in education and expertise, and not being afraid to experiment.
Access the full report on the SettleMint website