Nine in Ten Governments Investing in Blockchain by 2018 Says IBM Study

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According to a recent IBM Blockchain research report titled Building trust in government – Exploring the potential of Blockchains, government organizations across the globe are exploring use cases for Blockchains that can impact their jurisdictions.

With the support of the Economist Intelligence Unit, the IBM Institute for Business Value surveyed 200 government leaders in 16 countries on their experiences and expectations with Blockchains.

IBM’s research revealed that government organizations are looking at how Blockchain technology can positively impact operations in a number of areas.

For example, nine in ten government organizations plan to invest in Blockchain for use in financial transaction management, asset management, contract management and regulatory compliance by 2018.

And seven in ten government executives predict Blockchain will significantly disrupt the area of contract management, which is often the intersection of the public and private sectors. While virtually all government organizations surveyed intend to invest in Blockchain by 2018, IBM discovered a small group of pioneers that are setting a fast pace and new direction with Blockchains today.

These Trailblazers, 14 per cent of the survey, expect to have Blockchains in production and at scale in 2017. They are prioritizing Blockchain to help reduce innovation roadblocks and inaccurate or incomplete information across their organizations.

Trailblazers are focusing on Blockchains to help reduce time, cost and risk in four areas:

  1. Regulatory compliance
  2. Contract management
  3. Identity management
  4. Citizen services.

Additionally, they expect Blockchain technology will enable new business models, particularly in contract management, financial transaction management and identity management.

The findings reveal that Blockchain adoption is accelerating faster than originally anticipated, with government executives identifying key areas and benefits to explore. In this report, IBM shares key insights on market adoption of Blockchain solutions and also explore what differentiates early adopters – the Trailblazers – and how other government organizations can benefit from their Blockchain explorations.

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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