2018 Deloitte Survey Bullish on Blockchain’s Mainstream Adoption
The latest survey of the Multi-national tax advisory network Deloitte has revealed a growing trend of blockchain adoption this year.
Announced on Tuesday at the Consensus 2018 conference, Deloitte said the result of its latest survey showed that a majority of executives are seeing a “compelling business case” for use of blockchain technology in their organizations.
The survey which was conducted on 1,053 executives at major corporations across seven countries from March through April 2018 revealed a number of bullish indicators for blockchain adoption.
The consulting giant revealed the following data:
- 74 percent of respondent said that their organizations see a “compelling business case” for the use of blockchain. Of these, around half said their company already has some blockchain system in production, while another 41 percent expect their organizations to deploy a blockchain application within the next year.
- Nearly 40 percent of respondents reported that their organization will invest $5 million or more in blockchain technology in the coming year.
- 84 percent of respondents agreed that blockchain is broadly scalable and will reach mainstream adoption.
- 59 percent believe in the technology’s potential to disrupt and revolutionize their industries, and the overall economy.
- 43 percent of respondents identified blockchain as one of their “top five strategic priorities.”
“I regard these blockchain-savvy executives’ views as a leading indicator. As more organizations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations,” said Linda Pawczuk, a principal with Deloitte Consulting LLP and the head of Deloitte’s U.S. financial services blockchain group.
However, 22 percent of respondents said that still lack a compelling application to justify blockchain implementation. Also, 39 percent of the global respondents believe blockchain is “overhyped.”
Nevertheless, the result shows an increase of interest in the technology as compared to a 2017 Deloitte survey, where 39 senior executives expressed little-to-no knowledge of Blockchain.
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