Deloitte released results of a new survey on Tuesday, compiling and analysing results from over 1,000 executives across seven countries with ‘excellent-to-expert’ knowledge of blockchain technology. The survey was conducted in March and April of this year and preliminary findings released at Consensys 2018 will be followed by a more in depth report in June.
A full 74 percent of respondents reported that their organization sees a compelling business use for blockchain technology, while 41 percent anticipate deployment of blockchain applications within a year and 34 percent say their company already has some form of blockchain system deployed. Additionally, nearly 40 percent of respondents expected their organizations to invest more than USD 5 million into one or more blockchain technologies over the next year. 84 percent of respondents believe that blockchain tech will be successfully scaled and reach mainstream adoption, while 59 percent believe the technology will revolutionize their industries and the overall economy, and more than 43 percent have identified blockchain as one of their top five strategic priorities.
Principal with Deloitte Consulting LLP and the head of Deloitte’s U.S. Financial Services Blockchain Group Linda Pawczuk said, “We are at an inflection point — momentum is shifting from a focus on ‘blockchain tourism’ and exploring the technology’s potential to building practical business applications. I regard these blockchain-savvy executives’ views as a leading indicator. 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.”
Not everyone is convinced, however, that current expectations for blockchain technology will come to fruition. 39 percent of global respondents agreed that blockchain technology is ‘overhyped’, with an even greater proportion of American executives seeing more FOMO than FUD – 44 percent don’t believe blockchain will live up to current expectations.
“While this may seem like blockchain is trending in the wrong direction, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community,” said Pawczuk.