Deloitte: 80% of Businesses See Blockchain as a Strategic Priority

And 18 other must-read stats from Deloitte’s new report on the blockchain industry.

Deloitte’s annual Global Blockchain Survey was recently released and shows some exciting trends for the blockchain industry. The survey polled over 1,300 senior executives in a dozen countries from U.S companies with at least $500 million in annual revenue and from non-U.S companies with at least $100 million in annual revenue. The executives are quite knowledgeable when it comes to blockchain technology with 56% of the survey participates working in information technology, 10% in finance, and the rest within other distinct industries.

The most interesting theme throughout the survey is not from the blockchains enthusiasts–many of them have remained very optimistic– but from the less confident individuals who now appear to have a much more positive perception of the potential impact of blockchain.

You can read the entirety of Deloitte’s Global Blockchain Survey for 2019, or check out some of the most notable findings below.

53% of companies have placed blockchain as one of their top five priorities, a 10% increase from last year.

86% expect blockchain technology to be broadly scalable and achieve mainstream adoption.

Executives reported that the greatest barrier for their firm to invest more money into blockchain technology is “replacing or adapting legacy systems.”

Data validation and data sharing are the top use cases for companies to adopt blockchain technology.

20% of executives are working on using blockchain for tokenized equities or other assets.

The primary criteria for joining a consortium blockchain network is to find companies with objectives that align with our companies.

The benefits that enterprises expect from joining a consortium network are 1) cost savings 2) accelerated learning and 3) sharing risk.

47% of executives expect to see a verifiable ROI from blockchain in less than three years.

73% of executives believe that blockchain is a top-five critical priority in China.

Singaporean executives report a uniformly greater belief in the potential of blockchain than respondents from many other countries.

87% of organizations are expected to invest at least half a million dollars in blockchain technology with 41% expected to invest over $5 million dollars.

86% of executives believe blockchain will enable new business functionalities and revenues streams their specific industries.

56% of respondents think that blockchain will disrupt their organization or project’s industry.

The most significant advantage of blockchain technology is 1) New business models 2) Greater security/lower risk and 3) Greater speed compared to existing systems

96% of executives view blockchain solutions as similarly secure or more secure than conventional IT solutions.

40% of firms are planning on joining or leading a consortium in the next year.

The IT Department (57%) or Top management (30%) are leading the blockchain decision making.

Companies are equally considering Public and Permissioned blockchains networks.

95% of executives view smart contracts as moderately to highly important for their organizations.

As this emerging field expands, more executives are expecting blockchain to bring numerous benefits to their businesses. Compared to last year, the overall perception of blockchain technology has become more positive, likely from increased use cases, more proof of concepts, and internal testing from large enterprises. More interestingly, most enterprises are expecting to join consortium networks to reduce costs, mitigate risk, and accelerate learning. Many enterprises are still evaluating their options when it comes to implementing permissioned or public networks for their business needs. Overall, the majority of respondents view blockchain as a transformative technology that will disrupt many industries. Only time will tell, but at least we know where these people are putting their money.

Disclaimer. The views, information, and opinions expressed are solely those by the author above do not necessarily represent the views of Consensys AG. They are meant for informational purposes only, are not intended to serve as a recommendation or investment advice to buy or sell any securities, cryptoassets, or other financial products.