New Deloitte Survey: “We Can’t Afford To Ignore Blockchain!”

I’m sure you’ve already heard it somewhere, blockchain is the future. It’s the next big thing! But is it? Well, a new study claims that it is.

ELEPHANT

Deloitte recently released a report entitled, ‘2018 Global Blockchain Survey’ wherein they explored how industry executives perceive the new technology and where they think it’s headed.

First Off, What Is Blockchain?

deloitteAccording to Deloitte, more and more industries are shifting from being “blockchain tourists” and exploring the technology’s potential to building practical business applications.

The study asserted that organization should stop looking at blockchain as a “new” technology, because it is not.

CoinDesk head of research Nolan Bauerle eloquently explained in his CoinDesk article:

“[Blockchain is] the particular orchestration of three technologies: the Internet, private key cryptography, and a protocol governing incentivization. The result is a system for digital interactions that does not need a trusted third party.”

Deloitte surveyed 1,053 blockchain-savvy executives from Canada, China, France, Germany, Mexico, United Kingdom, and the United States. The respondents hail from 10 different industries, ranging from financial services, technology/media/telecommunications, consumer products and manufacturing to health care, oil & gas, automotive, life sciences, public sector and food.

What Do You Think Of Blockchain?

Apparently, 70 percent of the senior executives who took part claims they have “excellent-to-expert” knowledge when it comes to blockchain.

Most of them have an extremely positive outlook on blockchain’s potential, namely its ability to widely scale and reach mainstream adoption. Around 74 percent of them believes there is a compelling business case for the use of blockchain technology and 68 percent thinks that adopting blockchain technology is vital for gaining competitive advantage.

However, 39 percent still thinks that blockchain is overhyped.

In its findings and insights, Deloitte concludes:

“This perception may be driven by the steep increase in token values over the last 18 months, and survey members conflating blockchain with the incentive layer of public blockchains, namely tokens.”

Opportunities For Staff With Blockchain Experience

China leads the search with “one belt, one road,” an initiative that targets to further fuel blockchain’s development on the regional and global level.

The Chinese respondents answered that they are either currently investing in hiring staff (86%), will begin investing in next calendar year (12%), or will be investing at some other point in the future (2%).

However the US respondents lagged far behind those in other countries. Only 24 percent of them are currently investing in new staff that possess blockchain knowledge and expertise.

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