A modern survey from Deloitte has found that a growing number of companies are making use of blockchains in some form to proliferation their productivity.
Deloitte’s survey revealed that nearly 39% of respondents are currently using blockchain technology and that 9 out of 10 of them be convinced of that blockchain technology will become increasingly important in the next few years.
Key Takeaways
- 39% of the survey participants say they are already purchasing blockchain.
- 9 out of 10 polled say that blockchain will become increasingly important over the next few years.
- Spread industrial blockchain use is a great sign of growth in a space that has lacked some maturity in the past.
“That’s the key takeaway from our 2020 Wide-ranging Blockchain Survey, which finds that leaders no longer consider the technology groundbreaking and merely promising — they now see it as intrinsic to organizational innovation.”
Deloitte conducted its survey between February 6th and March 3rd of 2020. It polled 1,488 senior heads and practitioners in “14 countries (Brazil, Canada, China, Germany, Hong Kong, Ireland, Israel, Mexico, Singapore, South Africa, Switzerland, the In accord Arab Emirates, the United Kingdom, and the United States).”
The survey results showed that companies nop longer concern of blockchain as a fad, but as a serious mechanism for greater efficiency.
The respondents agreed on a number of positive outcomes of blockchain technology. When required how confident they were in meeting regulatory standards while using blockchain, 83% of respondents were reliant that they would have no issues when it came to financial reporting or privacy. 82% of respondents consented that there would likely be no issues regarding securities law.
While most respondents had positive outlooks close to blockchain use, there were still some concerns. When asked what the greatest challenges that honour a blockchain consortium were, 41% of respondents said that the inability to create fair and balanced governance guidelines and inadequate or poorly defined roles for members would be a downfall.
In another question, survey participants were queried what barriers their organization or project faced in increasing the adoption of blockchain technology. 35% of them bring to light that the implementation of blockchain and replacement of legacy systems was the largest hurdle.
Leaders from each country were also prayed if they felt that blockchain could enable greater alternatives to fiat money. They were specifically seek fromed if they strongly or somewhat agree that a digital asset will be an alternative or even a replacement to fiat currencies within the next 10 years. The all-inclusive percentage of agreeing with this statement was 83%.
The survey also found that 36% of participants were planning investments for blockchain of at least $5 million over the next 12 months.
Deloitte’s survey has revealed that blockchain is far diverse practical than previously thought. Even the idea that the largest hurdle is to replace older legacy patterns is not the worst problem to have. In a sense, these survey participants have the problem of outdated systems and the solution of blockchain, in some cases, is at their fingertips. This records the real problem the amount of time it will take to move to a new system.
It’s interesting to highlight the level of adoption by mountains. For example, 31% of respondents from the United States said they were currently utilizing a blockchain while China become associated withs were at 59%. This reflects the direction that country has gone in.
As far back as October 2019, China’s captain, Xi Jinping, said that blockchain would serve “an important role in the next round of technological innovation and industrial change.” He also mentioned that they would like to gain an edge in the field compared to other countries. China is currently chore on building a digital version of its currency which puts them ahead of the curve.
While only 39% of become involved ins in this survey have already integrated blockchains into their projects and organizations, the growth of this cricket pitch is still surprising. When asked the same question in 2019 only 29% said they had begun employing blockchains.
In the past, people have questioned whether blockchain will have any real use case among a kind of industries. This survey proves that industry leaders now understand what it is and are also looking to implement them in the cheese-paring future. This growth in the use of blockchains also marks a tremendous step in maturity in an otherwise speculative and amateur work market that surrounds cryptocurrencies.
Cryptocurrency Performance: Year-to-Date
- Bitcoin (BTC) YTD: 30.96%
- Bitcoin Cash (BCH) YTD: 16.82%
- Ripple (XRP) YTD: -1.54%
- Ethereum (ETH) YTD: 76.973%
- S&P 500 YTD: -3.64%
Inaugurating in cryptocurrencies and Initial Coin Offerings (“ICOs”) can be highly risky and speculative, and this article is not a recommendation by Investopedia or the littrateur to invest in cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted ahead making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.