Blockchain gets down to business — What do leading executives of successful businesses expect from blockchain technology and what have they experienced by now?
Deloitte, one of the most well known consulting companies worldwide, conducted a Global Blockchain Survey about how businesses think and handle blockchain technology in their companies. Deloitte queried almost 1’400 companies in total worldwide, located in Canada, US, Brazil, Germany, UK, Israel, Hong Kong, Singapore and China.
The findings of the “Blockchain gets down to business” survey are highly interesting. What’s outstanding on first sight is that more than half of the survey participants say that blockchain technology has become a critical priority for their company in 2019. This is actually positively surprising especially taking into account that the technology is still in its starting gates. Additionally, more than 80% of the companies explain that they see compelling use cases for blockchain technology. Moreover, the respondents think that blockchain provides diverse advantages for potential use cases. Decision-makers and executives think that blockchain technology is maturing and a lot of them see the disruptive technology’s increasing potential.
According to Deloitte’s Global Blockchain Survey, blockchain technology is gaining importance and acceptance in many industries, from fintech to technology, media, telecommunications, government, life sciences and healthcare. Moreover, it is shown that companies’ executives gain confidence in the importance of blockchain and its potential for their organizations.
More than 85 % of the respondents confirm that blockchain technology is broadly scalable and will eventually achieve a mainstream adoption. Also, more than 80% say that suppliers, customers and/or competitors are discussing or even working on blockchain solutions to current challenges in the value chain that serves their company. The impression appears that blockchain is in everyone’s mouth and companies will at least somehow be affected by the disruptive technology in the future. Furthermore, almost 80% of the respondents think that if they do not adopt blockchain technology within their company, they will lose competitive advantage. According to the survey, the most used metrics in order to measure blockchain business case results are process efficiency, cost savings and risk reduction.
In conclusion, it can be said that companies focus more and more on blockchain technology itself, its potential solutions and use cases. They see the main advantages of blockchain in new business models and value chains, greater security, responsively, lower risk and greater speed compared to existing systems. Moreover, about 80% of the respondents are planning to replace current systems of record. This positive mindset about blockchain technology has risen within the last year and probably will in the future.
Executives and leaders see the potential and great advantages a blockchain integration in businesses can give. According to the results of Deloitte’s blockchain survey, there is a high demand in business blockchains and its implementation in companies. The survey motives us at edeXa in what we do and focus on: the edeXa business blockchain for in-house as well as inter-company applications. edeXa develops the blockchain for businesses with easy integration, easy implementation and easy application. edeXa makes the blockchain applicable — for everyone.