Industries that we never thought would be disrupted, will be disrupted massively and the company executives know it and they want to be ahead of the curve and find ways to not be disrupted out of their business. Blockchain has got a lot of amazing applications and uses cases but at the same time blockchain will not solve all of the world’s problems. It can certainly go along way towards solving quite a few of them which is amazing as a tool.
Let have a look at some of the recent survey statistics from a report from Deloitte related to blockchain technology:
- Around 95% of the companies surveyed say that their company plans to invest in blockchain technology in 2019.
- With 16% of the company executives surveyed said that they are planning on investing $10 million or more into blockchain technology in 2019.
- 84% believe that blockchain technology is broadly scalable and will eventually achieve mainstream adoption.
- 68% of the executives polled also believed that they will lose a competitive advantage if they don’t implement blockchain technology.
- 59% of people who were polled believe that blockchain will disrupt their industry.
- 39% of the people viewed blockchain as being overhyped.
- The executives who are most interested in blockchain technology by industry are Automotive industry: 73%, Oil and Gas industry: 72%, Live Sciences: 72% being the most bullish on blockchain technology.
- 84% of executives polled expect blockchain to provide more security than conventional IT systems.
- 32% of executives expect greater speed.
- 28% of executives are looking for new revenue models.
- Only 2% perceive no significant advantage of blockchain over existing systems.
- 42% of surveyed view blockchain as a critical strategic priority for their organization.
- According to 39% of people surveyed, regulatory issues present the greatest barrier to further investment in blockchain technology.
- 37% of executives are more concerned with the actual implementation of the technology. Citing things like lack of in-house understanding of how to implement blockchain technology.
- 45% of companies are considered to be likely to join a blockchain consortium with competitors while 29% are already a part of a blockchain consortium.
- 52% of companies are focused on permissioned blockchains. So we are going to see a lot of permissioned blockchains within companies so that’s not surprising but 44% are prioritizing public blockchains.
There are going to be a lot of companies that don’t really do very much in terms of buying bitcoin or any other cryptocurrency but there are will be a lot of companies that will because the use case for public blockchain is very real and the use case for value transfer is very real and companies recognize that. Some of the biggest use cases that companies are looking at are supply chain, internet of things and digital identity. A lot of that has very strong value on public blockchains in particular. So public blockchains such as bitcoin will see a lot of use.
If we assume that as surveyed, 44% of the world’s top 1000 businesses start using pubic blockchains such as bitcoin and ethereum on a regular basis. What do you think that is going to do for the price and adoption?
The United States is lagging behind overall, especially behind the other nations, particularly which were polled: China, Canada, Germany. Going back to the regulatory concerns which are probably holding back a lot of American executives from getting more into blockchain technology particularly into public crypto assets such as bitcoin or ethereum. The report from Deloitte finishes up saying that blockchain is not ready for prime time yet, it is getting closer to its break out moment every day. The report states the momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications.
If we go back to when the internet started and invest in companies that became the big things, that’s what we have right now with cryptocurrencies. Though there will be companies that won’t need crypto assets themselves, they’ll be using blockchain technology but we are going to have a lot of companies which are going to be using these public blockchains for a wide range of use cases. This is going to be the new internet of value and the future of the web and cryptocurrencies are going to play a very strong part in that. The crypto markets are just these powder cakes ready to blow. We have institutional investors coming in, we have better infrastructure than we have ever had before for the crypto industry and businesses are using and investing in blockchain technology.
Let us know your opinion on the Deloitte’s report in the comments section below.