Deloitte Survey Reveals Executives’ Faith in Blockchain

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3 out of 4 large corporations are jazzed about blockchain technology, a new survey unveiled by consulting giant Deloitte has found out.

The findings, which Deloitte presented at the Consensus 2018 conference, shows that the majority of big firms see a “compelling business case” for the use of blockchain technology in their businesses.

Deloitte blockchain survey was conducted on 1053 global executives across seven countries – China, Canada, Germany, France, Mexico, the U.S. and the UK. It was carried out between March and April 2018.

Deloitte Blockchain Survey Results
Source: Deloitte

Surveyed companies represented a broad range of industries including financial services, media and telecommunications, and technology as well as healthcare and consumer products.

According to the findings, 74 percent of respondents said that their organization sees a “compelling business case” for the use of blockchain. Of these, around half said their company already has a system in production, while another 41 percent expect their organization to deploy an app within a year.

Further, almost 40 percent of respondents reported that their organization will invest $5 million or more in blockchain technology in the coming year.

Another survey result shows some 43 percent of respondents said blockchain is one of their company’s top five strategic priorities. In addition, roughly 30 percent of respondents said they’ve already joined a blockchain-focused consortium, while 45 percent said they are likely to join one within a year.

In her statement, Linda Pawczuk, head of Deloitte U.S. financial services blockchain group said the focus from “blockchain tourism” is now shifting to the exploration of the blockchain technology and leveraging its potential to build practical business applications.

However, the frenzy around blockchain is not shared globally as it stands today. Nearly 39 percent of global respondents believe blockchain is somewhat “overhyped”. In the US, 44 percent said they felt the same way.

Compared to other countries, especially China, more US-based firms seemed to be apprehensive about implementing blockchain applications. All Chinese firms interviewed said they were interested in investing in blockchain in the coming year.  But the same cannot be said about American firms where 16 percent of the companies said they would not invest in blockchain in the coming year.

Surprisingly, a few firms agreed that blockchain is both a compelling case and an overhyped technology. In another result, it was revealed that 68 percent of surveyed companies are more worried about losing their competitive advantage by not capitalizing on blockchain’s potential business applications.

Despite providing a number of bullish indicators on blockchain adoption, the Deloitte blockchain survey also signals that the coming year will likely see an increased rate of adoption rate by commercial companies.

Ray Battrick is a certified blockchain expert and FinTech copywriter who is devoted to working for you to build blockchain-based applications for your business. Ray is also a FinTech copywriter who is skilled at creating persuasive content for a wide range of products, including financial technology, business blockchain, investing and more. As an avid blockchain enthusiast, Ray enjoys writing about business blockchain, ICOs and cryptocurrency investment.

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