74% of major companies see “compelling” case for blockchain

21 May, 2018

A recent study by consulting firm Deloitte found that nearly three-quarters of major companies believe there is a “compelling business case” when it comes to implementing blockchain technology. The study included around 1,000 representatives from companies with annual sales of $500 million or more from all over the world, including China, Mexico, the United Kingdom, France, Germany, Canada, and the United States.

The majority group in the study, around 23 percent, was made up of financial services, whereas technology, media, and telecommunications made up another 18 percent. The remainder of the industries included consumer products and healthcare.

Breakdown of survey results

Of those companies who see the potential of blockchain, many have already begun moving forward with the technology. About one-third of them said they already have something in production, while another 41 percent claimed they have teams looking into ways blockchain can make their business practices easier and data more secure.

Multiple companies have dedicated $5 million or more toward exploring the commercial use of blockchain technology in the coming year.

The survey revealed other positive indicators as well:

  • 84% of respondents believe blockchain will reach mainstream adoption.
  • 59% believe blockchain will disrupt their industries, and the economy overall.
  • 43% hold blockchain research and development as a “top five priority.”
  • Nearly 30% of respondents have already joined a consortium, whereas 45% plan to join one within the next year. 13% said they are looking to start a consortium of their own.

Although there is clearly a lot of interest in blockchain technology, many respondents in the study felt it’s a bit “overhyped.” This feeling is shared by 39 percent of the worldwide sample, or about 44 percent in the U.S.

Commercial blockchain’s future

Many of the companies that find blockchain technology to be “overhyped” also see its “compelling case,” however. By engaging in research and finding solutions to everyday problems using blockchain, more companies could find themselves backing the implementation of the technology as a whole.

This may happen sooner than later, too. 68 percent of the respondents believe they will lose competitive edge if they don’t utilize blockchain technology in the near future.

 

 

Image from Pixabay.



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