“While not quite ready for primetime yet, blockchain is getting closer to its breakout moment with every passing day.”
Deloitte’s 2018 survey of more than 1,000 blockchain-savvy executives globally is a leading indicator of where blockchain is headed. While Deloitte is saying that the Blockchain is not quite ready for primetime, it is getting closer to its breakout moment every day. The momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications. The survey was fielded across US, Canada, Mexico, UK, Germany, France and China. 23 percent of the respondents are operating within the financial sector, 18 percent within Technology/Media/Communications and 14 percent within the consumer products and manufacturing industry.
74 percent of the respondents report that report that their organizations see a “compelling business case” for the use of Blockchain. Many of the companies are moving forward with the new technology. About half of those respondents (34 percent) say their company already has some kind of Blockchain system in production. Around 41 percent of respondents are expecting their organizations to deploy a Blockchain application within the next 12 months.
The survey shows that “respondents are extremely bullish on blockchain’s potential, namely its ability to broadly scale and reach mainstream adoption.” 84 percent agrees that the Blockchain technology is broadly scalable and will eventually achieve mainstream adoption.
About one-third of the respondents are saying they believe their current return on investment (ROI) in blockchain technology remains “uncertain.” And Deloitte says that “the only real mistake we believe organizations can make regarding blockchain right now is to do nothing.” Deloitte believes that organizations should keep an eye on blockchain so that they can take advantage of opportunities even without having a completely solid business case to implement.
Deloitte expects Blockchain technology to gain “significant traction” as more and more organizations dedicate their resources to Blockchain projects and realizes how it can improve their business processes with competitive advantages and cost savings. Deloitte further says that they see Blockchain enabling a new level of information exchange within and across industries. With automation and cloud computing they see the potential for Blockchain to help organizations create and “realize new value for businesses beyond anything we can imagine with existing technologies.”