We start 2019 with many still sceptical about the true impact Blockchain can have on the enterprise. While there’s little doubt about the transformation it can bring to a wide range of industries, the problem is that meaningful use cases are still few and far between. And without being able to see real-world benefits, organisations are struggling to understand the practical applications of this exciting technology.
A recent survey by Deloitte of 1,000 executives, underlines the conundrum businesses are facing; showing more than 75 percent believe that without blockchain their business could lose competitive advantage, compared to 33 percent who remain uncertain on the return on investment in the technology.
To really propel blockchain applications forward, it’s clear the industry needs proof that these technologies are commercially viable, and that the technology is maturing.
How companies are using Blockchain today
Despite these reservations, most major Fortune 500 companies are in fact exploring Blockchain today. They recognise the potential benefit it can deliver across business operations and are making tentative footsteps into an area that can add real value in certain scenarios.
Contract management is one area in which Blockchain is really showing its worth. Blockchains that use distributed ledger technology allow for contracts that are self-verifying, self-executing, and autonomous.
Companies can exchange terms, events, and information throughout the lifecycle of a contract without relying on brokers or middlemen. For example, contracting parties can automate payments due over the lifecycle of a contract. The nature of blockchains and distributed ledgers means that as these contract milestones are reached, and payments are made, they are recorded in such a way that neither party can repudiate or manipulate the record.
Transforming Business
Contract management is fast becoming the fifth system of record along with CRM, HR, SCM and ERP. Since contracts enshrine the rules of business (what do I do to

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