‘Senior execs taking more notice of blockchain’, says Deloitte

August 28, 2018
Chris Wheal

Deloitte’s 2018 blockchain survey, published this week, indicates that the technology is gaining more notice at the executive level of business across a broad range of industry sectors.

Deloitte’s survey polled a sample of just over 1,000 senior executives in seven countries  – including China, Germany, UK and the US.  All companies surveyed had $500m on annual revenue.

The survey focused on “blockchain-savvy” execs from so-called “digital enterprises”.

Deloitte found that 74% of all the respondents said their executive team thought there was a “compelling business case” for use of blockchain technology, with 34% saying that some form of blockchain deployment was already used within their organization.

Another 41% said they expected to deploy a blockchain application within 12 months, with the vast majority saying they expected to invest $5m-plus in blockchain in the coming year.

Deloitte found that 74% of executives surveyed thought there was a “compelling business case” for blockchain technology

The survey found that regulatory concerns accounted for 39% of respondents not stepping up investment in the technology. Difficulties in adapting legacy systems accounted for a further 37%.

Despite this, a hefty 84% of respondents “somewhat or strongly agreed” with the statement that “blockchain technology is broadly scalable and will eventually achieve mainstream adoption.”

Across the oil & gas, food, tech/media/telecom, consumer products & manufacturing, and automotive industries, 80-87 percent of executives ranked their knowledge of the technology as being within the excellent to expert range.

In its overview, Deloitte warned that the only real mistake organizations could make regarding blockchain right now would be to do nothing, considering that adoption is ‘getting closer to its breakout moment every day.’

 

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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