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Deloitteâs 2018 blockchain survey reveals that the technology is gaining significantly in traction at the executive level of enterprises across diverse industries.
âBig Fourâ auditor Deloitteâs 2018 blockchain survey, published August 27, reveals that the technology is gaining significantly â if unevenly â in traction at the executive level of enterprises across diverse industries. Â
Deloitteâs survey polled a sample of just over 1,000 senior executives in seven countries â Canada, China, France, Germany, Mexico, U.K., and the U.S. â at companies with $500 million or more in annual revenue.
As Deloitte notes, the survey notably focused on âblockchain-savvyâ execs from so-called âdigital enterprisesâ rather than startups â i.e. on businesses faced with implementing âlegacy-constrainedâ blockchain solutions, rather than on âemerging disruptorsâ whose business models have been inspired by blockchain at their inception.
74 percent of all the respondents to the survey said their executive team believes there is a âcompelling business caseâ for use of blockchain technology, with 34 percent saying that some form of blockchain deployment was already in process within their organization.
Another 41 percent of respondents said they expect their organizations to deploy a blockchain application within 12 months, with nearly 40 percent reporting that their organization will invest $5 million or more in blockchain in the coming year.
Deloitte gives the following interpretation of the surveyâs results, which it noted revealed some asymmetries and uncertainties as to the current state of blockchain at a legacy enterprise level:
âUltimately, [blockchain is] more of a business model enabler than a technology...for legacy organizations...weâre starting to see a change in approach toward blockchain. Executives in these organizations are moving away from the pure platform view of âWhat is it?...letâs find a use caseâ toward development of more sensible, pragmatic business ecosystem disruption.â
Deloitte considered that a certain lag in fully grasping that âblockchain represents a fundamental change to their businessâ in part explains why the percentage who see a âcompelling business caseâ (74 percent) for the technology is more than double the percentage of those who have actually already initiated its deployment (34 percent). Moreover, the report noted that:
âAdding 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 respondentsâand 30 percent of US respondentsâsay they still lack a compelling application to justify its implementation.â
While the survey found that this residual âplatformâ view of blockchain is still to some extent impeding innovation and adoption at scale, it also found that regulatory concerns accounted for 39 percent of respondentsâ rationale for not accelerating greater investment in the technology. Difficulties in adapting legacy systems accounted for a further 37 percent.
Nonetheless, from a longer term perspective, 84 percent of all respondents âsomewhat or strongly agreedâ with the statement that âblockchain technology is broadly scalable and will eventually achieve mainstream adoption.â Across the oil & gas, food, tech/media/telecom, consumer products & manufacturing, and automotive industries, 80-87 percent of executives ranked their knowledge of the technology as being within the excellent to expert range.
Deloitte itself affirmed its overview as being that âthe only real mistake we believe organizations can make regarding blockchain right now is to do nothing,â considering that adoption is âgetting closer to its breakout moment every day.â
Earlier this spring, another Deloitte report into blockchain focused on the retail and consumer packaged goods (CPG) industry, similarly strongly concluding that those businesses who do not at least consider the technologyâs possibilities are âat risk of falling behind.â
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