Blockchain Is Gaining Trust In The Enterprise
- 86% of senior executives interviewed believe that blockchain technology is broadly scalable and will eventually achieve mainstream adoption.
- 83% of senior executives say their enterprises are seeing compelling use cases for blockchain today.
- 53% of senior executives say blockchain has become a critical priority for their organization this year, 10% higher than last year.
- 43% still see blockchain as overhyped, up from 39% last year.
- 40% of enterprises are willing to invest $5M or more in new blockchain initiatives over the next 12 months.
- Financial services and financial technology (fintech) sectors are leading in blockchain development, according to Deloitte.
- Enterprises are looking for and finding valuable use cases for blockchain completely independent of bitcoin and cryptocurrency, including management of loyalty points, digitizing physical assets, and creating virtual contracts and wallets for finance management & reconciliation.
These and many other insights are from Deloitte’s 2019 Global Blockchain Survey: Blockchain gets down to business. Based on interviews with 1,386 senior executives in twelve nations (Brazil, Canada, China, Germany, Hong Kong, Israel, Luxembourg, Singapore, Switzerland, United Arab Emirates, United Kingdom, and the United States), 53% of whom say blockchain technology has become a critical priority for their organizations in 2019. Please see page 2 of the study for a methodology. The study is available for download here (PDF, 52 pp., no opt-in).
Blockchain is gaining trust in the enterprise by succeeding at pragmatic, well-defined pilots that show the potential to scale into production. Deloitte found financial services leads blockchain adoption today with adoption accelerating in technology, life sciences, media, telecommunications, and government. Key insights from the survey include the following:
- 53% of senior executives say blockchain has become a critical priority for their organization this year, 10% higher than last year. Deloitte found that senior executives are gaining more experience and insights into blockchain’s potential contributions and pitfalls as more use cases are evaluated, piloted, and moved to production. The following graphic compares blockchain’s relevance between 2018 and 2019.
- 86% of senior executives interviewed believe that blockchain technology is broadly scalable and will eventually achieve mainstream adoption. The majority of senior executives (83%) believes there is a compelling business case for blockchain. 81% are planning to use blockchain to replace their system of record, which reflects a shift in mindset away from relying entirely on legacy systems. A growing number of senior executives also believe blockchain is overhyped (43% in 2019, up from 39% in 2018).