Lack of collaboration hindering European blockchain adoption

A recent survey of more than 1,500 European business decision makers in the banking and financial services, manufacturing, retail, healthcare and insurance industries shows that Europe is quite conservative in assessing the importance of the block chain.

Cognizant 's report' Blockchain in Europe: Eliminating Strategic Gap 'has many breakthrough ideas on how the block chain can solve today' s most urgent problems, but it ' I emphasize that there is still difficulty.

Working with other businesses can take a block chain longer to become mainstream. According to the survey, most European companies want to develop their own modeling techniques with only 2% participation in start-up and competitor consortia.

Blockchain Case

The Blockchain case was unsure of how many European companies expect 83% of respondents to have a critical or very important impact on their industry as a strategic requirement. For most European companies, the block chain is being used as a new way to complete an existing task, unlike innovation.

Almost half (49%) of the respondents said they would add the block chain to the current operating model without significant change. [19659002] Cognizant's report emphasized that European companies should really look for new ways of working to realize the potential of the block chain. Rather than focusing on improving internal business processes in a traditional way, companies must envision scenarios of how block chaining by multiple parties will solve system problems across the industry in the long term.

Internal barriers over Europe

The survey (70%) shows that the biggest advantage of a block chain with business opportunities, including the creation of process inefficiencies (94%) or new service lines (62% Consider your advantage. However, this study shows some internal barriers that really do not make sense, including understanding the use cases and assessing costs and benefits.

Cognizant Consultant Practice Leader Varghese of Vladimino Consulting (Clch) provided a deeper insight into the results of the report. "

" In a very short period of time, block chaining has grown into a technology that draws the attention of many business leaders to technologies that use narrow applications related to payment and encryption calls. The business challenge across Europe is that the block chain does not fit into the current operating model. You must design a new operating model for the entire industry. In addition, many implementation issues remain, including the scalability of the technology and integration with current enterprise applications.

"This type of work means that the potential of a block chain may not be realized quickly enough across the region. The block chain should be approached with open, collaborative, and destructive forces that can be used for institutional innovation It's not just a way to do business.

"It's about realizing the true potential of a block chain that will focus on working with other players to benefit the broader industry. "