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Keep blockchain investments real to get beyond a successful but useless POC
Musings from EY’s 2020 Virtual Blockchain Summit
Blockchain promises “creative destruction” through disintermediation, but that is a long-term vision; only 6% of executives we surveyed are leveraging blockchain to remove the need for intermediaries (see Exhibit 1). Enterprise clients are investing in blockchain solutions to get real business impact: Without a tangible return on investment (ROI), blockchain engagements get stuck at the proof of concept (POC) or pilot stage. No-nonsense, real business cases are a must-have to drive blockchain beyond the POC-fatigue that we are witnessing today. The correlation coefficient between blockchain project satisfaction and compelling business case, stakeholder alignment, and desired outcome is high (0.7-0.8). Consequently, the focus for enterprise adoption should be business optimization with a tangible ROI.
 The correlation coefficient is a statistical measure that calculates the strength of the relationship between the relative movements of two variables. The values range between -1.0 and 1.0. A correlation of -1.0 shows a perfect negative correlation, while a correlation of 1.0 shows a perfect positive correlation.
We dive into the stories and thoughts of enterprise leaders at EY’s 2020 Blockchain Summit, which show how you can convince your C-suite of blockchain’s worth.
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