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Major Companies See 'Compelling Case' For Blockchain: Deloitte Survey

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Major organizations see a "compelling business case" for the use of blockchain, according to a new Deloitte LLP survey. It shows that many of these corporations are moving forward with the technology and may take some major steps over the next year.

The survey of more than 1,000 executives at major corporations across seven countries showed that 74 percent of them see a business case for it. Among these, around 34 percent say their company already has some blockchain system in production, while another 41 percent expect their organizations to deploy a blockchain application within the next year.

In a statement, Linda Pawczuk, the head of Deloitte's U.S. financial services blockchain group, said , "...momentum is shifting from a focus on 'blockchain tourism' and exploring the technology's potential to building practical business applications. ...As more organizations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations."

As per the study, presented at CoinDesk's Consensus event in New York City, almost 30 percent of respondents have already joined an existing consortium, while 45 percent said they are likely to join one within the next year. More than 13 percent say they are interested in starting a consortium of their own.

More than 2 in 5 or 43 percent of respondents identify blockchain as one of their top five strategic priorities. While 84 percent of respondents agreed that blockchain is broadly scalable and will reach mainstream adoption, 59 percent believe in blockchain's potential to disrupt and revolutionize their industries, and the overall economy.

Regarding the blockchain use cases, 53 percent of respondents identified supply chain-focused systems, while 51 percent reported Internet of Things integration projects and over 40 percent highlighted efforts around digital records.

Meanwhile, 22 percent of these executives said they lack a compelling application to justify blockchain's implementation.

And nearly 39 percent of the broad global sample said they believe blockchain is "overhyped." In the United States, 44 percent view blockchain as overhyped", compared to 34 percent in a 2016 survey by Deloitte.

Deloitte, a provider of tax, auditing and consulting services, conducted the survey of executives from companies with annual sales of at least $500 million in the U.S., China, Mexico, the U.K., France, Germany and Canada.

by RTTNews Staff Writer

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