41% of Tech Companies are Likely to Implement Blockchain Technology Before 2021, Reveals KPMG
A recent survey conducted by KPMG shows that nearly half of the participating tech companies said they are looking to integrate distributed ledger technology (DLT) over the next 3 years.
Leading financial auditing and tax firm, KPMG, has released the findings of its 2019 ‘Technology Industry Innovation Survey’, which asked over 740 tech companies from 12 different countries how likely they were to implement blockchain technology within the next 36 months.
Interestingly, the results showed that of the 740 companies involved in the survey, over 41% of companies said that they were likely to adopt the technology, while 31% remained neutral on the idea. 28% of the survey participants said that they were unlikely to step into the blockchain space just yet.
Despite over 59% of companies stating that they were either neutral or not attracted to implementing DLT in the foreseeable future, the survey did find that 48% believe the technology will nevertheless change the way their companies conduct business going forward.
When asked what the biggest hurdles will be to integrate blockchain technology into their businesses over the next 3 years, 24% singled out ‘Unproven Business Cases’.
This is particularly surprising given the exponential growth of blockchain adoption across a wide range of industries in the last year alone. Today Mercedes-Benz announced that it will be leveraging DLT and smart contracts developed by Icertis to improve the efficiency of its supply chain.
Some of the world’s largest banks including JP Morgan Chase, Santander, and HSBC have already incorporated blockchain-based solutions to streamline international payment services. Chinese search engine giant, Baidu, uses blockchain technology in its Totem service to protect IP rights of stock image owners. The list goes on.
The survey also shows that participants believe IoT technology will create the most disruption over the next 3 years, with 24% voting in favour. 22% say that trading will be the most affected industry from blockchain initiatives, while 20% think that cyber security reduction will be most disrupted.
What can be taken from these findings is that while not every leading technology company has immediate plans to adopt DLT into their current systems, a majority nonetheless sees the disruptive power that blockchain has to radically change the future landscape. When compared to Deloitte’s 2017 blockchain survey where over 40% of executives had no idea or knew little about blockchain, it shows how far DLT has come in such a relatively short span of time.