In his recently published report, Deloitte concludes that the industry has been slower to adopt the blockchain technology than expected, but still believes that technology will revolutionize some areas.
In March and April this year, the international consulting firm Deloitte interviewed the seven countries to learn about the state of the adoption of blockchain and attitudes towards technology.
The researchers interviewed 1,053 "blockchain-savvy executives" in Canada, China, France, Germany, Mexico, the United States and the United Kingdom. It is not clear how the attitude of managers has been determined.
The researchers concluded that the blockchain is in an "inflection point" where technology is shifting from the theoretical to the practical. And even if adoption is not yet widespread, blockchain "is approaching its time of escape every day". Blockchain is compared to the Internet in the mid-1990s. It was at that moment inefficient and, for most people, its nuisances far outweigh its usefulness. Then, less than 10 years later, the Internet "has not only become a ubiquitous global business tool, but has actually changed the way we conduct business."
The report's authors admit that their results could be distorted by the fact that the survey "focused only on corporate organizations that implemented legacy-constrained solutions, not on emerging startups or disruptors". So with this possibility that the image painted by the report is underestimated in its optimism, the authors state, "the only real mistake we believe organizations can do about the blockchain is now doing nothing".
Here are some of the takeaways:
It is not a passing fad
Among the respondents, the 84% agree with the statement "The blockchain technology is widely scalable and eventually it will reach mainstream adoption. "
Almost as many – 74 percent – agreed that "the executive team believes that there is a compelling business case for the use of blockchain technology". Since they believe technology is here to stay, and have something to offer their particular industries, these companies are willing to invest. 65% of respondents say their company will spend at least $ 1 million in blockchain technology next year
Everything Is Disrupted
Majorities in almost all sectors believe the blockchain can stop their industry. These numbers were the highest for the automotive, oil and gas and biotechnological sectors (respectively 73%, 72% and 72%). Only the members of the public sector (and the "unidentified" industries) were more likely to expect that their sector would not be interrupted.
While 39% of respondents believe that blockchain is "overhyped", that number is higher among respondents in the United States (at 44%). The lack of enthusiasm for the blockchain is reflected in other survey data points.
To the question "Did your organization bring the blockchain to production or plan to do it in the future?" the major majorities of respondents from all countries (except the United States) claimed to have a blockchain or to have one within the next year. The leaders of this issue were Mexico and Germany, with both countries having 93% of respondents who claim to have one within the next year. (Although probably the real leader is China, with the most launched blockchain projects.) The penultimate question was Canada with 84 percent.
The United States comes to the last place, with the fewest existing blockchain projects, and the least number of jobs for the coming year (14% and 24% respectively). The United States is also far behind other countries in hiring experienced blockchain staff. Only 24 percent of US companies claimed to do so today. Compare it with the second lowest, Germany, with 40% and the highest, China, with 86%.
All companies are above average
In every sector, the majority of executives interviewed claimed to be leaders in the adoption of blockchains. The oil and gas industry executives were particularly proud, with 78% of those claiming that their company was either "the leader" or "one of the leaders" in the adoption of blockchains in their sector. The lowest number combined on this metric was the public sector, with only 57% of respondents considering themselves leaders.
The overwhelming majorities of the automotive and oil and gas industry executives have claimed to have "excellent level of expertise" knowledge of blockchain technology. "The majorities of both industries agree with the (wrong) statement:" At the end of the day, blockchain is a database for money. It makes no sense to use it for applications outside financial services or to facilitate financial transactions . "
Tim Prentiss is a writer and editor of ETHNews, with a degree in journalism from the University of Nevada in Reno. He lives in Reno with his daughter, and in his spare time he writes songs and disassembles electronic devices perfectly.
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