Corporate execs claim “expert” blockchain savvy

August 23, 2018
Chris Wheal

Many corporate executives claim “expert” knowledge of blockchain, a new Deloitte survey has found. Deloitte questioned 1,000 execs, of which 70% described their knowledge of the sector as “excellent”. Public sector understanding appeared to be less confident. The biggest self-belief came from the oil and gas sectors.  

Deloitte questioned executives from companies where there was a minimum $500m annual revenue. A clear majority (74%) reported that their organizations saw a “compelling business case” for the use of blockchain technology though only 34% confirmed their company has initiated any kind of blockchain deployment currently.

Deloitte 2018 Insights Survey

In search of an application

“Adding to the uncertain state of blockchain adoption,” said Deloitte in their report, “is the fact that while more than 41% of respondents say they expect their organizations to bring blockchain into production within the next year, 21% of global respondents—and 30% of US respondents— say they still lack a compelling application to justify its implementation.”

While executives in the financial services sector are leading the way in using blockchain to reexamine processes and functions that have remained static for decades says Deloitte, counterparts in other sectors “remain more reserved as they work to develop appropriate use cases for blockchain”.

No shortage of self-belief from many corporate execs

Ideas gold rush

Blockchain use cases may only be dribbling into production at this point added Deloitte, “there is an absolute gold rush of ideas out in the marketplace. Big thinkers are continually coming up with new ideas for how blockchain can be leveraged across their organizations”.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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