Blockchain investment and implementation continue to increase in financial services but also across multiple other sectors including technology, life sciences, media, telecommunications and government. More organizations are expanding and diversifying their blockchain initiatives, recognizing the larger, transformational importance of the technology, and indicating that the industry is maturing, according to a new survey by Deloitte.
Blockchain-savvy executives surveyed for Deloitte’s 2019 Global Blockchain Survey[1] are optimistic about new and evolving use cases and continue to see the technology as a connecting platform that can reinvent many business models and reduce friction.
According to Linda Pawczuk, principal at Deloitte Consulting LLP and US blockchain leader, this year’s survey results show that the tone and terms of the debates around blockchain have changed, incorporating more use cases and strategic visions of the future.
“As the blockchain story continues to mature and begins a new chapter, we believe the question for executives is no longer ‘Will the technology work?’; but, ‘How can we make this technology work for us?’,” Pawczuk said.
53% of respondents said that blockchain technology has become a critical priority for their organization this year, a 10%-point increase from last year, and 40% are willing to invest US$5 million or more in new blockchain initiatives over the next 12 months.
Survey results also point to signs that blockchain is maturing as respondents see the technology providing more diverse advantages than in 2018 and diversifying their initiatives.
Emerging disruptors – leaders at companies who built their business models around the technology – cited business models and value chains (42%) as the most significant advantage of blockchain. Meanwhile, enterprise respondents were equally split between security/lower risk and business models/value chains (23% for both) as the most significant advantage.
71% of enterprise organizations believe that
