1、White PaperBuilding Value with Blockchain Technology:How to Evaluate Blockchains BenefitsJuly 2019In collaboration with Accenture World Economic Forum91-93 route de la CapiteCH-1223 Cologny/GenevaSwitzerlandTel.:+41(0)22 869 1212Fax:+41(0)22 786 2744Email:contactweforum.orgwww.weforum.org 2019 World
2、 Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording,or by any information storage and retrieval system.This white paper has been published by the World Economic Forum as a contribution to a
3、project,insight area or interaction.The findings,interpretations and conclusions expressed herein are a re-sult of a collaborative process facilitated and endorsed by the World Economic Forum,but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its
4、 Members,Partners or other stakeholders.3Building Value with Blockchain TechnologyForewordIntroductionLandscapeThe executive perspectiveFrom use-case to business caseThe Blockchain Value FrameworkFreight bill audit and payKey Dimension 1:Improving productivity and qualityKey Dimension 2:Increasing t
5、ransparency among partiesKey Dimension 3:Reinventing products and processesObstacles and challengesDecision-maker concernsRecommendationsAcknowledgementsEndnotes45678891011111213141516Contents4Building Value with Blockchain TechnologyForewordIn 2018,the World Economic Forum released“Blockchain Beyon
6、d the Hype”,a practical framework that aimed to help decision-makers distinguish between hype and viable use-cases.Once decision-makers had decided that blockchain may add value,they asked another question:How can this value be articulated?Continuing this series,we are providing businesses,governmen
7、ts and other organizations with a blockchain value framework to help them build out a business case for blockchain investment.This paper builds upon the idea that blockchain deployment is not an end goal.When done right,blockchain is all about rethinking business models,rethinking relationships betw
8、een companies and between companies and customers,and is,at its heart,a strategic change effort.Therefore,this toolkit helps decision-makers see how blockchain value drivers may map to organizational objectives.Through this alignment,organizations can understand whether blockchain is worth the inves
9、tment for their specific circumstances and make strategic decisions on whether they should or should not invest in the technology keeping in mind that blockchain is just one option for organizations looking to digitize.Created in collaboration with Accenture Research,this framework was based on a gl
10、obal survey of 550 individuals across 13 industries,dozens of interviews with public-sector leaders and private-sector chief executive officers,and an analysis of 79 blockchain projects.A draft of the framework was further validated at a multilateral session of global leaders at the World Economic F
11、orum Annual Meeting 2019 in Davos-Klosters.Succinctly,this framework helps organizational leaders to confidently evaluate the relevant opportunities of blockchain technology.Sheila Warren,Head,Blockchain and Distributed Ledger Technology,World Economic ForumDavid Treat,Managing Director,Accenture5Bu
12、ilding Value with Blockchain TechnologyIntroductionSince the digital era,organizations have been looking for ways to improve their operating model through modernizing their technology infrastructure.Being able to simplify complex processes while enabling innovation is the driving motivation for tech
13、 modernization.Today,organizations are trying to understand what role emerging technologies such as artificial intelligence(AI),the internet of things(IoT),immersive reality and even quantum computing will have in their business.The Fourth Industrial Revolution has arrived,and organizations understa
14、nd the need to innovate to prevent them from being disrupted.High-growth organizations are investing aggressively and taking a distinct approach to innovation that is change-oriented,outcome-led and disruption-minded.But with blockchain technology,even the leaders have challenges when realizing the
15、true value of the technology.This white paper can help organizations by understanding the state of the blockchain environment and the path to adoption.The analysis highlights the main advantages of the technology(broken down by industry),and the interviews shed light on the benefits and challenges o
16、f blockchain technology.And for organizations unsure where to begin or how to build a business case to assess the technology,the value framework shows what blockchain enables and where one can expect to realize value from it.Though peer-to-peer,privacy-enabling payments are perhaps the best-known ap
17、plications of blockchain technology(e.g.bitcoin),they are not the focus of this paper.This paper intends to help organizations build out a business case after deciding that blockchain may be a good fit for a particular use-case.For those looking for guidance on decision-making,see Part 1 of this ser
18、ies,“Blockchain Beyond the Hype:A Practical Guide for Business Leaders”.6Building Value with Blockchain TechnologyLandscapeHowever,organizations are certainly taking note of blockchain.Worldwide spending on blockchain solutions is forecast to be nearly$2.9 billion in 2019,before surging to$12.4 bill
19、ion in 2022.1 According to a 2018 Constellation Research survey,67%of US companies are evaluating or implementing blockchain technology,with a quarter already having projects underway or completed.2 In addition to the vast opportunity,this motivation is often driven by sheer competitiveness.Accordin
20、g to the survey,57%of respondents investing in blockchain technology agreed,or strongly agreed,that their organization should adopt blockchain technology to remain competitive.And of those who declared their blockchain investments,68%are spending more than$1 million,with 27%spending more than$10 mil
21、lion on blockchain activity.This activity is not limited to the private sector:A recent World Economic Forum report showed that over 40 central banks are researching distributed ledger technology for a variety of use-cases.3 Elsewhere in the public sector,there are 202 blockchain initiatives spannin
22、g 45 countries.4 When asked what led organizations to invest in blockchain technology,75%included their organizational priority for innovation.The top three areas of interest across surveyed industries were:1)full traceability of information on the blockchain;2)the ability to check that data had not
23、 been tampered with;and 3)the way the technology is distributed.Notably,few organizations selected“new business products or services”which ranked last among the options for investment.This suggests the current focus for organizations is on improving existing products and services before considering
24、investing in new opportunities.Overall,it appears that blockchain truly adds value in instances where there is a need for tamper-evident ledgers along with decentralized control,particularly where participants have an even hierarchy.Each organization may take the path to blockchain adoption at diffe
25、rent times,but the steps along the way remain similar.In many organizations,the move along this path comes to a halt at some point between the proof of concept stage and production.The funding source may be a vital contributor.According to Accentures“Building Value with Blockchain”survey,more than 6
26、4%of blockchain initiatives are currently being funded by IT or research/innovation budgets implying that the focus is on technology,rather than on aligning with the main areas of opportunity for the organization.ProductionWhat is it?What value could it have?How can it be used?Can it scale?ScaleCan
27、we transform industries/markets?Can we create new products and markets?Pre-productionProofs of concept/valueR&DVersion 2sVersion 1sVersion 3sFigure 1:Path to blockchain adoption7Building Value with Blockchain TechnologyAutomotiveBankingComms&mediaConsumer goods&servicesEnergyHealthcareHigh techInsur
28、ancePublic serviceRetailSoftware&platformsTravelUtilities1 Full traceability of any information on the blockchain72431131316142 Ability to ensure data has not been tampered with41134212152243Distributed nature of the technology84518433464364Smart contracts and automation23225564633635Increased speed
29、 and efficiency36253777245516Increased security16772315421327 A holistic view with transparency for all appropriate parties55665655677778 New business products or services6888788887788Figure 2:Blockchain is perceived to have several benefits in common across industries.Data Source:“Building Value wi
30、th Blockchain”surveyThere are lots of cases where people need common repositories,common systems of record,common directories and things where you need coordination between multiple different parties in a business ecosystem Brian Behlendorf,Executive Director of Hyperledger(an umbrella project of op
31、en-source blockchains and related tools hosted by the Linux Foundation)Blockchain is a database architecture technology and,in particular,provides the ability for anyone to build applications on top of a common infrastructure that could be reusable from one customer to the next.Once youve created th
32、is shared source of truth through this technology,you also then create the ability for cross-organization workflows to be dramatically simplifiedPeter Hiom,Deputy Chief Executive Officer of Australian Securities Exchange(ASX)The executive perspectiveMany of the executives overseeing large-scale and
33、advanced blockchain initiatives stress the technologys value as a data-sharing mechanism.However,it is challenging to convene diverse operations and businesses to implement the technology across the trade chain.As a result,many organizations choose to bring the smallest number of necessary parties t
34、o the table before opening it up for additional parties with the hope that early use-cases will serve as an incentive for other parties to join in the future.Due to their relationships and organizational structure,common infrastructure operators and market-wide collaboration platforms may be well pl
35、aced to succeed in this space.The interviews highlighted the potential of the technology to simplify and optimize complete value chains through the sharing of simplified real-time data with increased efficiency.Because the technology is intrinsically decentralized and distributed,blockchain can help
36、 remove bottlenecks and put pressure on low-value intermediaries to take up overdue technology and structural improvements or simply leave the market altogether.One additional theme uncovered in the interviews is the way in which blockchain can stimulate innovation around both products and processes
37、.New opportunities to innovate will arise as external data becomes more trustworthy and improvements in automation,smart contracts and digital identity5 and assets continue.While this theme was prevalent among executives,only 17%of survey respondents noted“new business products and services”as a top
38、-three advantage of blockchain technology potentially indicating that the broader populations prioritizeshort-term gain while executives think longer term.Top advantages per industry8Building Value with Blockchain TechnologyThis value driver framework aims to help organizations identify the value of
39、 blockchain technology in their use-cases and build a corresponding business case.As stated earlier,it is based on a global survey of 550 individuals across 13 industries,dozens of interviews with public-sector leaders and private-sector chief executive officers,and an analysis of 79 blockchain proj
40、ects.The projects were evaluated across three main value dimensions:1)improving productivity and quality;2)increasing transparency among parties;and 3)reinventing products and processes.When building business cases to evaluate the blockchain opportunity,the value drivers can become the prime benefit
41、s or opportunities that organizations need to assess.These will From use-case to business caseSo,your team has a use-case or two you are excited about.If you are still making this decision,the World Economic Forums Decision Tree may help to determine the feasibility of blockchain for your idea.6 The
42、 next step is assessing the value of your blockchain use-case.This can effectively be done using the Blockchain Value Framework and the four-step process detailed below.This prerequisite step is critical.It is important to carefully consider whether blockchain is the best solution,relative to other
43、technologies or other digitization strategies.As noted in“Blockchain Beyond the Hype”,blockchain may not be a viable solution or it may not be the correct time to pursue this avenue.The Blockchain Value Frameworkdiffer for each use-case some will be realized in traditional metrics such as operating
44、costs,number of employees or increased revenue;in other cases,opportunities will be measured in lives saved or privacy rights enabled.It is nearly impossible to accurately state the general impact of a use-case broadly,but given this framework,organizations can identify potential expected areas of v
45、alue on which to focus within their personalized business cases.It is important to note that some of these value drivers may be achieved through digitization that does not involve blockchain.So the evaluation should take into account blockchains costs relative to other solutions.Figure 3:Blockchain
46、Value Framework Cheat SheetKEY DIMENSIONS Improving profitability and qualityIncreasing transparency among partiesReinventing products and processesCAPABILITIESAutomation Self-validating network+smart contracts enable auto execution of business rules.Control Control at the individual data element le
47、vel,maximum flexibility over what data is shared and how.Distributed No single-entity data ownership,consensus applied to transactions and shared access with no central point of failure.DAx(Decentralized Autonomous x)Transparent,predefined rules mean new ventures may be created,providing autonomous
48、products/services through decentralized model.Full traceability Provenance and complete history of all new data added is known.Security Data can be encrypted and segregated at the data element level,while also enhancing overall data security.Holistic view Single source of truth-all stakeholders see
49、the same information to which they have access.Enhanced identity A combination of capabilities with advancements in digital identity(e.g.biometrics)increase confidence in,and improvement of,security and management of customer and personal identity data.Speed|efficiency Can enable faster data transfe
50、r,streamline tasks to optimize process Evidence tampering Underlying mathematics and cryptography allow users with appropriate access to verify data has not been altered.Tokenization and digital assets Physical objects with verified unique digital representation enable digital ownership,management a
