Unlocking Blockchain ROI: UT Study Examines Opportunities, Limits
Blockchain has been one of the most hyped technologies of the last decade, predicted to lead a revolutionary change in the way businesses operate. Gartner estimates it will generate $3.1 trillion in new business value by 2030, addressing the real, oft-discussed problems and opportunities of end-to-end information sharing. A new study from the Global Supply Chain Institute (GSCI) helps companies determine whether blockchain is right for them.
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“The only thing certain today is that uncertainty will continue,” Alan Amling, GSCI fellow at the University and Tennessee, Knoxville’s Haslam College of Business, says. Amling co-authors “When Is(n’t) Blockchain Right?”
This uncertainty manifests in many areas. As supply chain leaders pursue network resiliency and flexibility, they often add new, relatively unknown supply chain partners. Blockchain’s unique capabilities can ensure commercial trust for transactions within these increasingly distributed networks.
GSCI conducted dozens of case studies and interviews with leaders from a broad range of industries to discover the current benefits and limitations of blockchain. The paper breaks down the terminology and structure of the technology and helps supply chain management professionals understand how blockchain can be used, how organizations are using it and how to know if it will support their organization.
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“Determining the ROI of blockchain can be challenging for many supply chain management professionals, who usually haven’t fully explored its capabilities and compared them to their business models,” co-author Randy V. Bradley, associate professor of supply chain management at Haslam, says. “Too many businesses waste time and effort on blockchain archetypes for problems that already have solutions in the market.”