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Blockchain technology is a hot topic, generating such a buzzing interest at some point that the Long Island beverage company Iced Tea has changed its mission and its name to become Long Blockchain Corp. to ride the & rsquo; wave. Because of the roots of the technology of the ledger distributed in supporting payments with bitcoins, the financial services industry conducts many other sectors in the testing of blockchain.
However, recent studies indicate that very few organizations have adopted blockchain technology for any significant daily use.
A change may be underway with several banks and financial service providers announcing major blockchain projects in recent weeks using distributed register technology and digital tokens. Here is a look at the current status of the blockchain and the obstacles to adoption, from the perspective of executives of financial services companies and other organizations.
Financial services organizations also anticipate new revenue streams from blockchain services in securities, loans and loyalty. But the use of blockchain technology has been slow to ignite. In his annual survey of global CIOs this year, Gartner found that in all industries, only 1% of companies actively use blockchain and many are still in the discovery phase. Gartner said blockchain projects in the banking sector actually fell this year compared to last year.
In a survey conducted by Deloitte at the start of this year, more than half of the respondents cited the Internet of Things as a case of using blockchain, followed by digital identity at the 50%, digital record at 44%, digital currency at 40% and payments at 30%. Deloitte interviewed 1,053 executives globally.
A new example came to light this week, announcing that Gazprom and Russian S7 Airlines started their first blockchain-based smart refueling contract for an aircraft, in collaboration with the partner Russian bank Alfa Bank.
The research company asked financial services companies to track their progress with blockchain technology, and about half said they were experimenting and creating proofs, while 38 percent said they were sensitizing and educating.
Eleven percent of the financial services companies said they actively implemented blockchain and used it in their businesses and 3% are not sure. Deloitte interviewed 1,053 executives in seven global markets.
