The growth of blockchain continues to disrupt multiple sectors across the modern business landscape. The defense industry is also beginning to see impacts from the influx of this technology innovation. One improvement involves companies in defense and government IT being able to improve the quality of data used in their decision making, in addition to a myriad of other benefits.
Let’s look more closely at how the wider use of blockchain is revolutionizing portions of the defense industry sector. Government IT solution providers need to become familiar with these changes to take advantage of new opportunities for their business.
Is the Defense Industry Quickly Adopting Blockchain?
A recent study from Accenture noted 86 percent of companies working in defense and/or aerospace expect to adopt blockchain within the next three years. This dovetails with another survey finding which revealed 97 percent of aerospace and defense industry executives want to digitally reinvent how they conduct business. Business contractors serving this sector need to be ready for this transformation.
Not everyone in defense IT is as gung-ho about blockchain – namely executives of companies working in supply chain processing. A survey from Boston Consulting Group mentioned only 20 percent of these companies are currently assessing blockchain. Half were unsure about their company’s approach to the new tech, while 30 percent currently had no plans for adoption.
But why are many others within the defense industry serious about this recent innovation?
How Defense Companies Benefit with Blockchain
The need for improved data appears to be one major reason so many organizations in aerospace and defense are adopting blockchain. As the Accenture report notes: “Inaccurate, manipulated, or biased data can have far-reaching, adverse consequences, such as corrupted business insights and skewed decisions.” This is especially important when considering 80 percent of these companies rely on accurate data feeding their decision-making process.
In addition to better data, cybersecurity considerations are driving defense companies to turn to blockchain. For example, DARPA is currently working on a blockchain-based messaging system that boasts improved security and cryptography, helping to keep foreign agents from hacking into the system.
Also, other nations are stepping up their investments in blockchain tech for many of the same reasons as the United States. Obviously, this development also contributes to an increased rate of adoption in America. Ultimately, blockchain is one technology innovation your company needs to explore when considering the resultant opportunities for work.
When you need additional insights on the constantly changing world of government IT, speak with the experts at Entrust Solutions.