World Economic Forum Report: 6 Ways to Evaluate Blockchain Benefits

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The World Economic Forum announced that it released a guide for the evaluation of the benefits of blockchain applications in a press release shared with Cointelegraph on July 16.

The document delves into how to apply blockchain technology, providing six recommendations for companies.

The report also recommends evaluating whether blockchain or other technologies are the best solution specifying that "Blockchain is not a substitute for digitization and should not be treated as such."

"The decentralized nature of blockchain makes a transformation from an isolated approach to end-to-end value-chain integration within fragmented and complex environments more attainable. In fact, a lack of collaboration can undermine - or even block - such transformation. In assessing value, it is important to consider network and scaling effects, particularly as enabled by collaboration."

The Blockchain Value Framework guide is a follow-up to the "Blockchain Beyond the Hype" report released by the WEF last year and has been co-designed with consulting firm Accenture.

Sheila Warren, Head of Blockchain at the World Economic Forum, explained that the previous report stressed that blockchain deployment should not be a goal in and of itself.

"This new framework is for those business leaders that have figured out blockchain is the right solution for a specific problem, but don't know what to do next."

The document is based on an evaluation of 79 blockchain projects and a global survey of 550 individuals across 13 industries.

The report found that 51% of the respondents said that they expected "Missing out on developing new products/services" if their organization did not invest in blockchain technology.

In nine of the 13 industries surveyed, full traceability and integrity of the data were identified as the top advantage brought by blockchain.

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