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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

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.