Deloitte, one of the “Big Four” accounting organizations and multinational professional services network, has released their 2018 global blockchain survey report which aggregates the opinions of more than 1,000 blockchain executives across the world.
The survey covered a wide array of topics surrounding blockchain technology, which ultimately revealed a positive level of adoption of blockchain technology happening in enterprises.
The survey revealed that 95% of over 1,000 blockchain-savvy executives from a variety of industries and professions are investing in distributed ledger technology.
The survey also revealed how much companies are willing to invest, showing that about 26% of companies will invest anywhere between $1 million and $5 million in blockchain tech, while 23% will spend between $5 million and $10 million.
As for enterprise business in the United States, the survey revealed that the majority would invest in blockchain tech, with only 16% saying they wouldn’t. In China, 32% of companies noted that they would invest between $5 million to $10 million, and in Mexico, 21% of companies said they would invest $10 million or more.
Moreover, out of all of the participants surveyed, 65% reported that their organization will invest $1 million or more in blockchain technology in the coming year. The enterprises with the largest investments will be coming from Mexico, France, and Canada respectively.
The survey asked respondents a series of questions to gauge their overall interest and perception of blockchain technology. The results provide some interesting insights into the adoption of blockchain technology as well as its potential to revolutionize industries and the world.
According to the survey, 84% of respondents believe that blockchain tech is scalable and will eventually achieve mainstream adoption. 74% believe that blockchain tech presents a compelling business use-case, and 68% believe that they will lose a competitive advantage if they don’t adopt blockchain technology.
Another interesting statistic is that 39% of respondents believe blockchain is overhyped. This last statistic is somewhat surprising because, in 2016, 34% of respondents believed the same.
Out of all the business executives surveyed, 59% believe that blockchain technology will disrupt their specific industry, with over 70% of respondents saying the automotive, oil and gas, and life sciences industries will be disrupted the most.
64% of respondents said the next most affected industry will be financial services, followed by customer products and manufacturing, health care, technology/media/telecommunications, and food with 50% to 56%. As for other industries and the public sector, 46% of respondents believe it will be affected by blockchain tech.
On a more specific note, 69% of the business executives surveyed believe that blockchain technology will end up replacing systems of record including financial ledgers, CRM and ERP modules, inventory tracking systems, etc. Also, 84% expect blockchain technology to offer greater security than conventional IT systems.
Furthermore, only 2% of respondents believe that blockchain technology will provide no significant value over their legacy systems, while 43% believe blockchain to be a critical strategic priority, and 29% view it as important.
All in all, the majority of companies surveyed appear to welcome and even advocate for blockchain technology. Also, about half of them said they are willing to join a blockchain consortium with their competitors, and some have already joined one.
As for the most popular blockchain use case, survey respondents voted for supply chains, internet of things (IoT), and digital identity. The blockchain industry among enterprise businesses is looking very bright as millions of dollars are being invested in blockchain technology from businesses in countries around the world.
If enterprise business es are beginning to adopt blockchain technology, when will consumers and merchants adopt cryptocurrencies? Let us know what you think in the comment section below.
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