Blockchain technology has lots of amazing applications and uses cases it will be more cost effective and faster than traditional methods. But Blockchain at the same time will not have all the answer to the problems we face.
A survey report from Deloitte about blockchain technology revealed:
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.
Theirs’s some companies that don’t need to use blockchain technology but if we look at the biggest benefits of blockchain it is in the supply chain aimed businesses and Digital Identity.
If as many businesses start using blockchain as the survey states we could see new highs in the prices of Bitcoin and Ethereum with a smaller supply because of adoption.
Blockchain has had a very different effect on many governments and businesses with some shunning it and not wanting to deal with it and other openly accepting the technology. It reminds me of the internet back in the day when everyone thought it wouldn’t really take off but now plays a major part in our life.
The countries who have really taken a proactive approach to blockchain are Canada, Germany, and Malta with the latter accepting huge crypto exchanges into their country. On the other hand one of the countries who aren’t fairing so well is America it is really lagging behind everyone else and not knowing how to regulate or utilize blockchains benefits.
With the report also stating the momentum is shifting to learning and exploring the potential of the technology on offer to utilize in business applications.