In a recent study, IBM has found that 33% C-Suite executives surveyed are already using or considering blockchain in their business.

The study, part of a series of C-Suite studies, has been conducted by IBM’s Institute for Business Value. It is based on a survey on almost 3,000 executives across industries on how they intend to operate, generate revenue, and respond to customers, partners, and competitors alike using blockchain. The report in particular compares the organizations that are actively experimenting with, piloting or implementing blockchain – the Explorers – with those not currently considering blockchain.

Some of the surveyed CxOs said that they are counting on the technology to foster a new generation of transactional applications that are designed to establish trust, accountability, and transparency among an ecosystem of partners, to provide them with a competitive advantage.

Key findings from the study include:

• 33% of respondents are already actively engaged or are considering using blockchain
• 100% of Explorers expect blockchain to support their enterprise strategy in some way; 63% aim to use it to increase transactional transparency
• 78% of Explorers are investing in blockchain either to respond to financial shifts or to develop new business models
• 66% of Explorers are experimenting with or implementing a new platform-based business model
• Of those whose business models are under threat, more than half of the Explorers expect to launch an entirely new business model either within their own industry or in that of someone else’s
• 71% of those actively using blockchain believe industry consortia are important to advance blockchain efforts
• 78% of those actively using blockchain believe customers are important to advance blockchain efforts
• 6 in 10 Explorer CIOs surveyed admit they aren’t yet fully prepared to build blockchain platforms that connect customers and partners across an ecosystem.
• 8 in 10 Explorers admit they aren’t accustomed to collaborating, even selectively, with their competitors

“With blockchain, everyone is looking at the same thing at the same time. These new trusted transactions will spawn new business models, processes and platforms where all ecosystem participants can be connected to create new value,” said Brigid McDermott, IBM Vice President for Blockchain Business Development. “Consortia, regulators, and innovators will help create new standards across industries and geographies. Early adopters need to move fast to help shape how these platforms evolve.”