Deloitte, a UK-incorporated multinational professional services network, has published a report in which it claims that blockchain is a “new tech on the block” while its impact could be huge.
The report concerns “planning for blockchain in the retail and consumer packaged goods industries” and states that “while we fully expect blockchain technology to achieve widespread, mainstream adoption in these sectors sooner rather than later, we firmly believe that long-term, sustainable success is only possible through careful planning and prioritization of work programmes.”
Steven Larke, a partner at Technology Consulting Deloitte, stressed that blockchain, just like any other technology, has its pitfalls, and hence in order to assess its impact they carefully examined over 50 potential blockchain use‑cases.
The results of this examination are predominantly positive. They have demonstrated that practical applications of blockchain could lead to improving and protecting the consumer experience, bettering process efficiencies across the supply chain, and accelerating transaction processes and ensuring the validity and implementation of contracts.
Besides, the report states that “the ultimate beneficiary will be the consumer. If blockchain can create efficiencies and save costs throughout the supply‐chain, these benefits can be passed on to the consumer in the form of lower prices. If blockchain provides more transparency across the supply‐chain, these benefits can also be passed onto the consumer in the form of safer products and higher quality.”
However, special attention is also paid to businesses which should try and understand how to use blockchain. Consequently, the report outlines four segments of impact.
One concerns trial projects that look into “opportunities that have a lower immediate value relative to others due to a narrower blockchain application.” The other is about exploring which is narrowed down to “opportunities relative to trial projects in terms of value but similar complexity (and cost), offering greater value relative to investment in the short-term.”
The third is all about waiting and seeing “opportunities that currently offer a lower value relative to other blockchain opportunities and are more complex (and costly) to implement.” And the last one is ultimately about planning those which “offer the most attractive opportunities in terms of potential value.”
The report also cites figures Gartner, a market research firm, that estimates that blockchain’s business value‐add will grow to $176 bln by 2025 and exceed $3.1 trln by 2030.
Deloitte’s vision of utilizing blockchain further enhances the current widespread belief that the technology is essential. FedEx CEO, Fred Smith, for example, went as far as stating that businesses should “either accept blockchain or die out.”
It is also noteworthy that recently Deloitte Blockchain boss has announced that it departs to build Ethereum supply chain, Forbes reports.