Executives See Blockchain As A Mature Solution, Says Deloitte Survey

By Sumedha Bose

Deloitte’s “2019 Global Blockchain Survey” has been published, and it has brought to light some incredibly interesting observations. The survey notes that investments in blockchain have been on the rise as of the beginning of the year.

More and more business leaders are beginning to understand the true potential of the technology; recognizing that it is more than just a bedrock for crypto. It is being widely implemented in areas which require practical solutions.

Finance is one such industry which has seen an in-depth integration of the technology. Besides that, it has also found its use in sectors like life sciences, media, telecommunications and government. Executives are more comfortable trusting the technology and channeling their investments in the technology.

Several organizations across various industries are expanding and diversifying their blockchain initiatives. The survey states that 83% of the 2019 blockchain-savvy survey respondents, have stated that their  organizations see some practical use-cases of blockchain as extremely beneficial.

More than half (53%) reported that blockchain technology has assumed the role of a critical asset for their organization this year — a 10% point increase over last year. Furthermore, 40% reported that they are ready to invest USD 5 million or more in new blockchain initiatives over the next 12 months.

Overall, survey respondents have reported more diverse advantages for the technology than in 2018. Linda Pawczuk, principal, Deloitte Consulting LLP and U.S. blockchain leader said:

“The tone and terms of the debates around blockchain are shifting, according to this year’s study, 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?'”

We eagerly await to see what more can be done with the application of this technology, in diverse industries.