Tech Firms Still Prioritize AI and IoT over Blockchain

By Kapil Gauhar

Blockchain is a hot buzzword, and nobody will deny this fact. But, According to new research, the technology is being bested by Artificial Intelligence (AI) and the Internet of Things (IoT).

A recent survey conducted by Okta, an identity management cloud software provider, found that digital companies are investing in Artificial Intelligence and the Internet of Things over blockchain.

However, the survey questioned 1,050 engineering and security decision makers at $1 billion firms. They were questioned if their companies are investing either in AI, IoT, augmented reality or Blockchain as part of their “digital transformation strategy.”

The decision makers were surveyed between the month of January and February this year. About 90% of them said that they were investing in at least one of the above technologies as part of their “transformation strategy.”

Out of that 90%, 61% of respondents claimed that their firm is investing in the blockchain industry while 72% of respondents said that their business is investing in IoT, and about 68% in AI.

Sure, there’s no doubt that blockchain still has a way to go before it becomes the focus of the development for these surveyed businesses.

At the end of March 2019, even Facebook had over 20 blockchain-based jobs listed on its website. And earlier this week, the U.S. Securities and Exchange Commission (SEC) posted a listing for a “crypto specialists.”

As indicated by Indeed.com, there has been a 90% increase in Bitcoin, cryptocurrency and blockchain related job postings between February 2018 and February 2019.