Growing number of execs see blockchain as ‘overhyped’

August 20, 2018
Chris Wheal

A new survey by audit and management services group Deloitte suggests a growing number of corporate executives are not buying the “hype” surrounding blockchain.

 

Deloitte says “blockchain fatigue” is beginning to set in as 39% of a survey of more than 1,000 “blockchain-savvy” execs from the US, Canada, Mexico, UK, France, Germany and China said the distributed ledger technology was “overhyped”.

In the US alone, the figure was even higher – rising to 44% and up from 34% in 2016.

Benefits ‘elusive’

Deliotte said that among those experiencing blockchain fatigue, most felt the technology’s “potential has been over-communicated, while its real-world benefits remain elusive”.

Many are simply defending legacy technology systems, expressing doubts that blockchain will fit into their existing business models, while those who have built their businesses around blockchain see many “compelling business cases”.

Pragmatists

But while 74% of Deliotte’s survey agree that there are such compelling use cases, only 34% say their company has initiated any kind of blockchain deployment.

“On their own, these numbers seem to indicate that blockchain is moving in the wrong direction,” the report said. “However, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community.”

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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