A survey commissioned by Deloitte Consulting LLP, consulting arm of the ‘Big Four’ company revealed that 39% of the Blockchain Savvy executives surveyed revealed their firms are investing more than $5 Million in Blockchain technology in the coming year.
1053 executive level individuals from 7 countries – Canada, United States, China, United Kingdom, Germany, France and Mexico were surveyed by Deloitte to determine where blockchain may be headed in the future. The survey was conducted between March 26 and April 5, 2018. According to the report, “Respondents had at least a broad understanding of blockchain and were familiar with and able to comment on their organisations’ blockchain investment plans”
Importance of Blockchain
Only 5% of the respondents have no investments planned in Blockchain. A whopping 16% organisations plan to invest $10 million or more in the coming year. Mexico is leading the way with 21% participants planning to invest over $10 million.
Speaking about the importance of Blockchain, Deloitte agrees that it is at a nascent stage but continues to say the ones who have jumped into the “deep end of the pool” stand to benefit more than those who are just “dipping their toes” in the water.
The only real mistake we believe organisations can make regarding blockchain right now is to do nothing.Deloitte Blockchain Survey
Is Blockchain OverHyped?
Another question regarding the attitude of participants on blockchain and its adoption revealed that 39% of the participants believe Blockchain is overhyped. But a majority of them think that Blockchain gives them the edge over competition.
While 78 percent of our survey respondents believe they stand to lose competitive advantage if they do not eventually implement blockchain, they see a variety of obstacles moving forwardDeloitte Blockchain Survey
The good news is that 84% of the respondents are bullish on Blockchain’s mainstream adoption. Since respondents were allowed to submit more than one answer, the survey is not typically evenly distributed.
No Startups Surveyed
Adoption of a new technology generally begins with Startups. Established organisations tend to rely on tested technologies and processes, the ones that got them where they are. The survey does not include any startup organisations, which has generated some skepticism on reliance of the data.
However, this provides a great insight on what incumbents are planning to do with the potentially disruptive technology we’ve come to know as Blockchain. Over 84% respondents believe Blockchain is “more secure”, 32% believe the biggest advantage of Blockchain is greater speed over existing solutions. Regarding the use cases, Supply chain received 53% approval closely followed by Internet of Things (IoT) with 51% votes.
52% of the organisations are focusing on permissioned Blockchain and 44% are focusing on public blockchains. 29% companies are part of consortium solutions with their competitors and 45% are “likely to join one”.
Deloitte survey reveals that many organisations are willing to take the Blockchain gamble and hoping to win at it. I would like to end this with a famous quote by Pomp of Morgan Creek “The virus is spreading”