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“Breaking Blockchain Open” – Deloitte Survey Finds Widespread Optimism for Blockchain Adoption

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Deloitte have published their 2018 “Breaking Blockchain Open” survey results and report, investigating the current and potential future state of blockchain, and looking at survey responses from 1053 business executives across some seven countries. Everybody surveyed worked for a firm that generates over $500 million in revenue each year, meaning that the results provide a unique cross insight to how major corporations are thinking in terms of blockchain right now. From the survey:

Deloitte’s 2018 survey of more than 1,000 blockchain-savvy executives
globally is a leading indicator of where blockchain is headed. While
blockchain is not quite ready for primetime, it is getting closer to its breakout
moment every day. The academic hypotheses of five years ago are steadily
becoming a reality. Momentum is shifting from a focus on learning and
exploring the potential of the technology to identifying and building practical
business applications.

Furthermore, the majority of respondents were either CTOs or CEOs – so the positivity in the survey should reflect real change to come, with these responses coming from key decision makers. The key survey stats were as follows:

  • 16% of respondents indicated that their companies will invest over $10 million in blockchain over the net 12 months, with only 5% having no investment planned
  • 84% believe that blockchain will scale and achieve widespread mainstream adoption and 68% believe their companies will lose their competitive edge if they don’t employ blockchain tech
  • Despite acknowledgement from the majority of participants that blockchain creates a more secure network, a third still believe that security threats are the biggest barrier to greater investment in blockchain tech – with regulatory issues and implementation also being a common issue.

And Deloitte’s report summary was clear – organizations must keep blockchain on their radar:

In short, the only real mistake we believe organizations can
make regarding blockchain right now is to do nothing. Even
without a completely solid business case to implement, we
believe that organizations should, at the very least, keep
an eye on blockchain so that they can take advantage of
opportunities when they present themselves.

Image Credit: Deposit Photos

For more facts and figures on the survey, follow this link to the full report.

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