Dive Brief:

• IBM took home the trophy for having the strongest blockchain credentials, according to Juniper Research. A survey of enterprise professionals ranked Microsoft second and Accenture third.

• Among enterprises considering or deploying blockchain, more than 40% ranked IBM in first place while 20% ranked Microsoft in second. IBM was ranked first for its large R&D blockchain efforts and wide array of clients using the technology across industries and verticals, including applications in fields such as banking, asset tracking and music.

• An accompanying report recommended private blockchain implementation for commercial enterprise applications. A private chain allows companies to restrict access to the ledger and extend greater control over the chain development.

Dive Insight:

IBM has been staking a strong claim in the blockchain market since the launch of its blockchain 'ecosystem' at the end of 2016 to foster startups creating services on the digital ledger. The company formally launched IBM Blockchain, an enterprise-ready Blockchain as a Service application, in March.

Experts predicted 2017 might finally be the year of the blockchain. The technology has found a home in many trials, experiments and early-stage applications such as a food management system with Walmart and Kroger, but it has yet to form the foundation of any widely accepted or practiced application outside of cryptocurrencies.

It is worth keeping an eye on the technology as cybersecurity concerns continue rising in the face of massive data breaches. The decentralization, cryptography and incorruptibility offer companies one of the safest data storage platforms.

Companies protecting sensitive data and watching the fallout from security incidents like Equifax may consider it worth their time to look into private blockchain platforms to protect company and user data.