A recent report from blockchain solution provider SettleMint indicates that 86% of IT executives view blockchain technology as a competitive advantage in supply chain management.
The report, The State of Blockchain Transformation in Supply Chain, surveyed 200 executives to assess current strategies and challenges related to blockchain adoption.
Findings show that while 78% of organizations have experimented with the technology, only 38% have achieved success. Among those that have tested blockchain, the most commonly cited challenge is integration with existing systems. Meanwhile, organizations that have yet to adopt the technology point to budget constraints as the primary barrier.
The survey also identified key areas where organizations see potential value in blockchain implementation, including environmental, social, and governance (ESG) reporting (68%), data sharing and interoperability (65%), and payment streamlining (64%).
To support organizations in their blockchain transformation efforts, SettleMint outlined several recommendations, such as securing internal buy-in for increased budgets, investing in education and expertise, and fostering a willingness to experiment with new applications.
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