Despite the polarising nature of Bitcoin, the technology upon which it runs is generally considered to be the next big step in the future of many industries. The 2018 Deloitte blockchain survey took place in March and April of this year, with the primary intention of researching the overall attitudes and investment plans in blockchain technology.
I’ve identified what I believe to be five key areas that are worth looking at, although if you’re interested, you can check out the results of the Deloitte blockchain survey in their entirety on their website.
Okay, so the first point worth mentioning is that this survey involved just over 1,000 participants (1,053 to be exact) across seven countries.
Those countries were Canada, the US, the UK, Germany, Mexico, France, and China.
The majority of respondents in the Deloitte blockchain survey came from the finance sector, followed by technology and media, and consumer products and manufacturing.
With 39 percent of respondents claiming that their company intends to invest USD 5 million and up, it’s safe to say that investment in blockchain technology won’t be a problem.
What could come as a bit of a shock for many observers is that 16 percent of those US respondents who took part in the Deloitte blockchain survey claimed there was zero intent for investment in blockchain technology.
In total, five percent of all respondents indicated that no investment was planned.
Respondents to the Deloitte blockchain survey were extremely bullish on the potential of the technology for the most part, primarily the potential to scale and reach mainstream adoption.
A majority also believe that blockchain technology will eventually disrupt their industry, although 39 percent stated that they believe blockchain technology to be overhyped.
When asked if they believed blockchain technology would disrupt their industry, the answers given in the Deloitte blockchain survey were interesting, to say the least.
Only 46 percent of public sector workers who were surveyed believe the technology will disrupt their industry, while 50 percent of the food industry believe the same.
Healthcare comes in at 55 percent, while financial services saw a response of 64 percent.
Personally, I think these numbers suggest that while many respondents know what blockchain technology is, they’re underestimating the effect it’s going to have on their industry.
Is it a case of simply not knowing? Or not wanting to believe that their industry, and possibly their job, could be altered by blockchain technology?
It’s no surprise that when it comes to barriers preventing blockchain investment from companies, at the top of the list is regulatory issues.
Other notable barriers that are highlighted by the Deloitte blockchain survey include replacing of legacy systems and potential security threats.
Advantages of blockchain
When asked what the most significant advantages of blockchain technology are over existing technology the most popular answer is greater speed in comparison to the current systems being used.
This is followed by new business models and revenue sources, as well as greater security and lower risk.
These results shouldn’t come as a surprise to anyone who’s followed the blockchain industry over the past year or so, with it being pretty evident that massive strides are being made. Those industry leaders who perhaps aren’t as keen on cryptocurrency as an investment are still open to blockchain technology and its effects on their industry.
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Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.