The blockchain technology can deliver products 34 per cent faster, said the results of pilot projects conducted by Digital Supply Chain Institute (DSCI), in partnership with Aricent and the Bitfury Group. These three organisations collaborated to explore how the technology underpinning cryptocurrencies can enhance software product development supply chains and improve development operations (DevOps).
In a six-month series of proof-of-concept projects for Aricent, a global design and engineering firm, a blockchain-enabled software development approach increased developer performance, product cycle time and fault resolution time. The blockchain-enabled approach can: improve cycle time by 34 percent, increase productivity by 29 percent, and improve quality by 11 percent.
“The results exceeded our expectations and when fully deployed will provide new market opportunities, improved profitability and further differentiation from our competitors,” said Walid Negm, Aricent CTO.
“This study shows empirically that blockchain technology improves efficiency and delivers greater transparency,” said Valery Vavilov, CEO of Bitfury. “Working with Aricent and DSCI, we were able to improve a system, provide unparalleled efficiency and increase security. We look forward to seeing these results replicated by other companies as blockchain technology becomes even more widely adopted.”
According to analysts at IDC, worldwide spending on blockchains could reach over $2 billion in 2018, double the $945 million spent in 20171. Communication Services Providers (CSPs) can utilize blockchains to secure a number of technologies including mobile identity, data management, IoT, supply chain logistics, and DevOps.
“Companies are just beginning to understand the full potential of blockchain technology,” said Shawn Muma, DSCI Blockchain Research Leader. “What is unique about this project is that we were able to clearly demonstrate blockchain's contribution to the improvements achieved. This technology will have widespread impact beyond supply chains and financial services, across all global industries and markets.”
DSCI developed the Blockchain Return Index (BRI), a tool that will help companies, independent of industry, measure the business impact of blockchain technology on their supply chain.