Editorial

Blockchain continues to gain enterprise support

Deloitte’s latest global survey into C-suite acceptance of the tech is entitled ‘Blockchain gets down to business’ – and you’ll soon see why

Posted 20 May 2019 by

Though for every Blockchain believer there seem to be at least two doubters, it seems the technology’s momentum is unstoppable – with executives surveyed said to be “confident about new and evolving use cases” and that they “continue to see the technology as a connecting platform that can enable many business processes”.

The endorsements comes from the latest major study into decision-maker attitudes to distributed ledger – the Deloitte 2019 Global Blockchain Survey.

And given the strong and growing interest in the stuff from its respondents, no wonder the consulting firm entitles its write-up of its findings, ‘Blockchain gets down to business’ – and that, “The question for executives is no longer, “Will blockchain work?” but, “How can we make blockchain work for us?”

Deloitte talked to 1400 senior business execs in countries ranging from Brazil and the UAE to the US and UK.

Principal findings: compared to 2018, when 43% said it would be “critical, in our top five strategic priorities”, the answer for 2019 is now ten points higher – 53%, while an astonishing 86% agreed with the statement that, “Blockchain technology is broadly scalable and will achieve mainstream adoption” – while 77% said they’d lose strategic advantage if they didn’t pursue Blockchain.

Plus, “The increasing diversification of potential use cases for blockchain—and the wider array and greater parity of identified barriers to blockchain adoption—suggest further signs of maturation,” says the study.

It’s not a wholly one-sided picture, stresses the report. Though a majority of respondents call Blockchain a “top-five” priority, only 23% have already initiated a blockchain deployment, down from 34% last year. And while attitudes about Blockchain may be improving, a pretty hefty 43% still see it as overhyped, up from 39% last year.

Still, the report has no problem concluding that, “Nobody can accurately predict the future, and we too will refrain from predicting a precise timeline on Blockchain’s greater adoption.

“Yet the trajectory for Blockchain in 2019 and going forward appears to point in a clearly upward direction. And that journey is the story of growth and potential that disruptive technologies characteristically take, offering adopters tangible strategic advantage in ways that few thought imaginable before.”