Deloitte Blockchain News 29 Aug 2018
Deloitte issues 2018 Blockchain survey, which indicates that the usage of the technology is steadily rising across the modern business sector. Deloitte’s survey has polled more than 1,000 senior executives in seven countries - Canada, China, France, Germany, Mexico, UK, and the US.
29 August, AtoZ Markets – One of the “Big Four” auditing firms, Deloitte, has published its 2018 Blockchain survey. In the conclusion of the survey, the company notes that the nascent technology is growing in traction at the executive level of businesses across various sectors.
Deloitte’s survey has polled more than 1,000 senior executives in seven countries - Canada, China, France, Germany, Mexico, UK, and the US. The companies were selected on the criteria of annual revenue – the respondents were picked from the enterprises with $500 million or more yearly revenue.
According to Deloitte, the survey has been focused on “Blockchain-savvy” executives from digital enterprises. These businesses have experience with implementing “legacy-constrained” Blockchain solutions, and they are not “emerging disruptors” whose business models have been inspired by blockchain at the very beginning.
The survey highlights that 74 percent of all the participants stated that their executive team believes that there is a “compelling business case” for use of Blockchain technology. 34 percent of the respondents also highlighted that some form of Blockchain deployment was already in process within their organization.
Moreover, the study noted that 41 percent of the respondents stated that they anticipate their organizations to deploy Blockchain application as soon as within 12 months. Almost 40 percent have reported that their organization plans to invest $5 million or more in the technology in 2019.
Deloitte has provided its own interpretation of the survey results, which revealed some in-depth details in regards to the current state of Blockchain at a legacy business level:
“Ultimately, [blockchain is] more of a business model enabler than a technology...for legacy organizations...we’re starting to see a change in approach toward blockchain. Executives in these organizations are moving away from the pure platform view of “What is it?...let’s find a use case” toward the development of more sensible, pragmatic business ecosystem disruption.”
The company has further stated that a certain delay in fully grasping that “blockchain represents a fundamental change to their business” explains why the percentage who see a “compelling business case” (74 percent) for the technology is significantly higher than the percentage of those who have already initiated the deployment of the technology (34 percent). In addition, the report noted the following:
“Adding to the uncertain state of blockchain adoption is the fact that while more than 41 percent of respondents say they expect their organizations to bring blockchain into production within the next year, 21 percent of global respondents—and 30 percent of US respondents—say they still lack a compelling application to justify its implementation.”
The Deloitte survey has found that this residual “platform” view of Blockchain still means sluggish innovation and adoption of this technology. However, it also found that regulatory concerns have accounted for almost 40 percent of respondents’ reasoning for not pushing further for increased investment into the technology.
As for the long-term, 84 percent of all participants “somewhat or strongly agreed” with the statement that “blockchain technology is broadly scalable and will eventually achieve mainstream adoption.”
Deloitte confirmed its summary as being that “the only real mistake we believe organizations can make regarding blockchain right now is to do nothing,” considering that adoption is “getting closer to its breakout moment every day.”
Think we missed something? Let us know in the comments section below.