Blockchain Technology Attracts 74% Of Large Companies, According To Deloitte Survey

A recent survey made by Deloitte shows that about three quarters of the companies that have an annual revenue of more than $500 million USD see a very compelling business case for the adoption of the blockchain technology.

These companies, according to the survey, are either already using this tech, elaborating plans to use it in the future or at least considering the benefits of using this technology within the next 12 months.

This survey was made among more than 1,000 high executives of these companies in seven different countries and nine economic sectors and its objective was to discover the level of adoption of distributed ledger technology (blockchain) in these companies so far.

Another result from the research points that the momentum has changed and that now there are more real world applications of these products than necessarily pilots and experiments, meaning that the companies are finally starting to see real world applications that can be useful right now.

The Data From The Deloitte Survey On Blockchain And Large Companies

A total of 34% of the companies (about half of the ones who have interest in the tech) say that the company already has some blockchain system that is either being produced or already implemented. Another 41% want to deploy the systems in the 12 months at least for production. 40% of the surveyed have stated that the company will invest at least $5 million in blockchain tech in 2019.

Most will use blockchain in financial services (28%) while others will use it on media and telecommunications technology (18%). The other ones do not know yet or will use it in other areas of their companies.

Among the main advantages that were cited by executives is that blockchain has a high speed of processing, greater security than other technologies, lower costs and enables new business models. About security, 84% believes that the blockchain tech was more secure than traditional IT systems while 8% stated that it was less and 8% remained unsure about the question.

While 78% of the executives understood that not using blockchain could harm their competitiveness, a third of them saw several problems in embracing the technology, such as regulatory and security issues, not being sure about the return on investment and lacking the skills to understand it properly.

This study was made by a subsidiary of Deloitte in the United States and carried out between March 26 and April 5 with a total number of 1,053 top executives in the United States, Canada, the United Kingdom, France, Germany, China and Mexico.

Deloitte is, in fact, another one of the 74%. The company has recommended other companies to seize the chance and use this technology. According to a statement made by the company, “the only real mistake (…) regarding blockchain right now is to do nothing”.

The company believes that even the ones that do not already have a solid plan on how to implement this new distributed technology will have beneficial effects from at least keeping an eye on the blockchain and seizing the opportunities to use it whenever they arise.

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