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Blockchain can revolutionise UK business

(Image credit: Image Credit: Zapp2Photo / Shutterstock)

UK companies are set to transform their supply chains by embracing blockchain technology, new research has claimed.

A new report from Capgemini found that 60 per cent of respondents believe blockchain has already transformed how they collaborate, and investments are expected to grow by 30 per cent by 2021.

For those unfamiliar with blockchain, it is the technology behind 2,000 cryptocurrencies, including the likes of bitcoin and XRP. 

But the technology is still in its infancy – 87 per cent are in the early stages of experimentation, developing proof of concepts. Just three per cent have already deployed blockchain at scale.

Capgemini thinks we should be looking at the year 2025 as the year when blockchain will no longer be experimental, but rather be seen as a mainstream technology.

In the UK specifically, the consumer products industry leads with 43 per cent of total implementations, followed by manufacturing (30 per cent) and retail (27 per cent).

The biggest drivers for implementation are cost saving (93 per cent), reducing risk (87 per cent) and increasing revenues (85 per cent).

Enhancing traceability and transparency aren’t as popular in the UK as they are elsewhere.

Image Credit: Zapp2Photo / Shutterstock