COGNIZANT CONSULTING
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
Learn More
  • Reimagining your business models, products and customer experiences to drive new value.
  • Reinventing and managing your most essential business processes with new ways of working.
  • Simplifying, modernizing and securing the IT infrastructure and applications that are the backbone of your business.
COGNIZANT CONSULTING
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
Learn More

Contact Us

THANKS FOR YOUR INTEREST IN COGNIZANT.

We'll be in touch soon!

x CLOSE

Refer back to this favorites tab during today's session for access to your selections.
Refer back to this favorites tab during today's session for access to your selections.x CLOSE

Perspectives

How & Why Europe Sees Blockchain as a Way to Level the Global Playing Field

2018-04-24


Our multi-industry study uncovered five key indicators that reflect how European companies are investigating blockchain thinking and technology.

European businesses are taking a multi-pronged strategy for applying blockchain to their evolving digital enterprises, according to our recent study of 1,570 senior executives across Europe.

An overwhelming majority of respondents in our study said they have either already defined (50%) their blockchain strategy or are in the process of doing so (47%). The major factor for pursuing blockchain initiatives, according to 70% of respondents, is competitive differentiation. 

Businesses, however, need to move past traditional ideas of competition and markets and see blockchain’s key features — privacy, security, immutability, transparency, reliability, process integrity — as design elements for a whole new way of doing business that disrupts institutional power and invites open participation and collaboration. 

The top business opportunities named by respondents include the creation of new service lines (62%), customer segments (60%) and markets (58%). Fewer respondents, however, recognize the further reaching capability of blockchain to open up their internal assets to extract greater value, integrate themselves more directly into a network of business (i.e., by putting smart contracts on the blockchain), enable more customer autonomy, or create and securely share “digital twins” and digital product memories to establish entirely new levels of transparency. 

Most companies are working on blockchain opportunities internally, with only a few collaborating with external stakeholders or joining a consortium. This desire to drive their own blockchain agenda exemplifies the problem of older, legacy-based thinking.

The information graphic below distills five of our key study findings.

To learn more, read  “Blockchain in Europe – Closing the Strategy Gap,” visit the blockchain section of our web site or contact us.

Related Thinking

Save this article to your folders


Save

PERSPECTIVES

Manufacturing the Blockchain One Link at...

Our study reveals a steadfast focus by manufacturers on applying...

Save View

Save this article to your folders


Save

PERSPECTIVES

Insurers Are Prepping for the Blockchain...

Despite concerns and questions, insurers of all types believe blockchain...

Save View

Save this article to your folders


Save

PERSPECTIVES

Blockchain in the Pink of Health

Blockchain has captured the imagination of the healthcare industry,...

Save View
How & Why Europe Sees Blockchain as a Way to Level the Global Playing Field