World economic forum report: 6 ways to evaluate the benefits of blockchain

World economic forum report: 6 ways to evaluate the benefits of blockchain

The World Economic Forum (WEF) announced that it published a guide for the evaluation of the benefits of blockchain applications in a press release shared with Cointelegraph on July 16.

The document delves into how to apply blockchain technology, providing six recommendations for companies. The first is to take the time to understand the technology, establish realistic expectations (identify incentives and account for risks) and align with strategic priorities.

The report also recommends evaluating whether blockchain or other technologies are the best solution by specifying that “blockchain is not a substitute for digitization and should not be treated as such”.

Finally, organizations must maintain an agile approach since it allows the evolution of the strategy to be better and to think beyond the individual organization. This last point is explained as follows:

“The decentralized nature of blockchain makes the transformation from an isolated approach to an end-to-end value chain integration in fragmented and complex environments more achievable. In fact, the lack of collaboration can undermine, or even block, such a transformation. When assessing value, it is important to consider scale and network effects, especially when collaboration is allowed. “

The Blockchain Securities Framework guide follows the “Blockchain Beyond the Hype” report published by the WEF last year and has been co-designed with the Accenture consultancy.

Sheila Warren, head of Blockchain at the World Economic Forum, explained that the previous report stressed that the deployment of blockchain should not be an objective in itself. The purpose of this technical document is to provide guidance on the application of technology, reported the following:

    “This new framework is for those business leaders who have discovered that blockchain is the right solution for a specific problem, but they do not know what to do next.”

The document is based on an evaluation of 79 blockchain projects and a global survey of 550 people in 13 industries. The report found that 51% of respondents said they expected to “lose the development of new products / services” if their organization did not invest in blockchain technology. Another 23% of respondents expected to “lose speed / efficiency gains,” and 15% “lose cost savings.”

In addition, in nine of the 13 industries surveyed, complete traceability and data integrity were identified as the main advantage offered by blockchain. Meanwhile, not many organizations responded that the benefit of blockchain could be the delivery of “new products or business services”. The author of the press release commented:

“This suggests that the current focus for organizations is to improve existing products and services before considering investing in new opportunities.”

At the end of May, the WEF also announced the formation of six “councils of the fourth industrial revolution” to work on the orientation of new technological policies.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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