Three-quarters of companies with annual revenue above $500 million see a “compelling business case” in blockchain and either are implementing it already or plan to deploy such application within the next 12 months, a survey carried out by Deloitte showed.
The survey among more than 1,000 executives running companies in seven countries and nine economic sectors, aimed to assess the level of adoption of the distributed ledger technology (DLT).
Its results showed that momentum is changing from blockchain-related pilots and experiments to real-world applications.
“About half of that number (34 percent) say their company already has some blockchain system in production, while another 41 percent of respondents say they expect their organizations to deploy a blockchain application within the next 12 months,” the survey noted.
Moreover, nearly 40% of respondents have said that their organization will invest at least $5 million in blockchain technology in the coming year.
The surveyed executives have voiced pragmatic opinions on the phenomenon and are ready to make real steps starting from next year. They regard blockchain as a technology with great potential to transform various processes and tasks.
When it comes to adoption by industry, 23% of the respondents said that blockchain was implemented in financial services, while 18% revealed that the technology was used in technology, media, and telecommunications sectors.
The executives noted that blockchain has several advantages, such as higher speed of processes, new business models, greater security and lower costs.
An overwhelming 84% of the respondents said that blockchain was more secure than traditional IT systems, with just 8% stating that it was less secure, and 8% being unsure.
The majority of executives, 78%, are sure that not implementing the emerging technology would reduce their competitiveness. However, a third of the respondents see several obstacles embracing blockchain, saying that their return on investment (ROI) related to DLT is still uncertain. Other barriers refer to regulatory issues, security threats, and lack of understanding or skills.
Nonetheless, Deloitte recommends companies to go on with the adoption.
“However, the only real mistake we believe organizations can make regarding blockchain right now is to do nothing. Even without a completely solid business case to implement, we believe that organizations should at the very least, keep an eye on blockchain so that they can take advantage of opportunities when they present themselves,” the company noted.
The study, commissioned by Deloitte Consulting LLP, the US-based subsidiary ofDeloitte, was carried out online between March 26, 2018, and April 5, 2018, involving 1,053 top executives in the US, Canada, the UK, France, Germany, China, and Mexico.