Applications and Use Cases

Deloitte Say 80% of Businesses See Blockchain as a Strategic Priority

June 24, 2019

Deloitte’s annual Global Blockchain Survey polled over 1,300 senior executives in a dozen countries from U.S. companies with at least $500 million in annual revenue, and from international companies with at least $100 million in annual revenue.  The majority (56%) of the survey participants come from information technology companies, 10% come from finance, and the rest from other industries.

More than half of companies polled consider enterprise blockchain as one of their top five priorities, a 10% increase from last year, with nearly 90% expecting distributed ledger solutions to be broadly scalable and achieve mainstream adoption.

Executives reported the greatest barrier for their firms to invest more money into blockchain technology is replacing or adapting legacy systems, while data validation and data sharing are the top use cases for companies to adopt blockchain technology.

The benefits that enterprises expect from joining a consortium network are 1) cost savings, 2) accelerated learning, and 3) sharing risk, while 47% of executives expect to see a verifiable ROI from blockchain in less than three years.

A few other highlights from the comprehensive report:

  • 86% of executives believe blockchain will enable new business functionalities and revenues streams their specific industries.
  • 56% of respondents think blockchain will disrupt their organization’s or project’s industry.
  • 87% of organizations are expected to invest at least half a million dollars in blockchain technology with 41% expected to invest over $5 million dollars.
  • 96% of executives view blockchain solutions as similarly secure or more secure than conventional IT solutions.
  • 40% of firms are planning on joining or leading a consortium in the next year.

The most significant advantages of blockchain technology, according to the report, are new business models, greater security/lower risk, and greater speed compared to existing systems.

Deloitte wrote that, “Last year’s survey showed blockchain adoption reaching a turning point: Momentum had begun shifting from ‘blockchain tourism’ and exploration toward the building of practical business applications.  Financial services and, more specifically, the financial technology (fintech) sector were leading in blockchain development, while other industries were cautious in their search for use cases to provide a return on investment to justify the cost and effort of implementing blockchain solutions.”

“Today, fintech remains a blockchain leader, but more organizations in more sectors—such as technology, media, telecommunications, life sciences and health care, and government—are expanding and diversifying their blockchain initiatives. Still, despite these advances, progress remains measured in the wake of blockchain’s first cyclical rise and fall, and the resulting attitude shifts following the initial blockchain buzz,” a summary of the report from Deloitte said.

The momentum in enterprise blockchain continues to build and new uses cases, projects, and success stories are emerging constantly.  These use cases and innovative uses of blockchain to improve – and disrupt – traditional business models will be the focal point of The Blockchain Event 2020, taking place February 12-14, 2020, in Ft. Lauderdale, Florida.  If your business is part of this evolving new business landscape, we’d love to hear from  you and invite  you to share your experiences with others at The Blockchain Event.

Arti Loftus is an experienced Information Technology specialist with a demonstrated history of working in the research, writing, and editing industry with many published articles under her belt.

Edited by Erik Linask



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