Nearly six out of 10 large corporations are actively considering or are in the process of deploying blockchain technology, according to a study by Juniper Research.

The survey results showed that 57 per cent of large companies (with more than 20,000 employees) were actively considering or actually deploying blockchain technology. And of those that have already reached the proof of concept stage, 66 per cent expect to see blockchain integrated into their systems by the end of 2018.

Blockchain in practice

The most common uses for blockchain technology were settlement, land registry and digital fiat currency. And Juniper Research found that companies that stand to benefit most from blockchain are those with:

• a need for transparency and clarity in (trans)actions;
• a current dependence on paper-based legacy storage systems;
• a high volume of transmitted information.

The research also highlights that blockchain isn't the answer to all technological challenges and that sometimes alternative solutions could be more useful. Juniper's research author Dr Windsor Holden said: “In many cases, systemic change, rather than technological, might be a better and cheaper solution than blockchain, which could potentially cause significant internal and external disruption.”

Blockchain in Delaware

An article in iTreasurer highlights another use of blockchain that it says will directly benefit corporate finance professionals. As of 24 July, companies incorporated in Delaware, the renowned US corporate-friendly jurisdiction, are now able to keep their internal corporate records in blockchain format, as well as the existing paper or digital formats. The new law allows companies to keep a blockchain record of their stock ledger/transfer of shares/bond issuance. It seems that the Delaware Blockchain Initiative will use Symbiont's distributed ledger technology. Symbiont's Caitlin Long is quoted in iTreasurer saying that, within the next 12 months, she expects “to see a tier one corporate issuing a bond via blockchain, and frankly once one does a lot more will follow”.