Deloitte: 3 out of 4 Big Companies See ‘Compelling’ Case for Blockchain

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Based on A Deloitte survey presented Tuesday in CoinDesk’s Consensus event in New York, 74 percent of large businesses across seven nations see a compelling business case for blockchain technology. Deloitte – the multinational Big Four firm that provides tax, auditing and consulting services – conducted the poll in late March and early April. The roughly 1, 000 respondents represented companies with annual earnings of at least $500 million at the U.S., China, Mexico, the U.K., France, Germany and Canada. The firms represented a selection of businesses: financial services were the largest set at 23 percent, followed by technology, media and telecoms at 18 percent.

Other businesses included consumer products and healthcare. In a declaration, the head of Deloitte’s U.S. Financial services blockchain group, Linda Pawczuk, said the poll showed that momentum is changing from an emphasis on blockchain tourism and also exploring the technology’s potential to building functional business applications. Around 50% of the respondents that watched a compelling case for blockchain – 34% of the total – said that their companies already have a kind of blockchain system in production. 41% more said plan to establish a blockchain application inside the next year. The enthusiasm for blockchain wasn’t shared, however. Globally, 39 percent said blockchain is overhyped, with 44% of those stating so from the U.S.

– up 10 percentage points from 2016. American companies were usually less reluctant about investing in blockchain than their counterparts in others nations – especially China, where zero companies said they wouldn’t invest in blockchain inside the coming year, compared to 16 percent in the U.S. Thinking specifically on block technology, what’s the approximate investment your organization will probably make within the next calendar year within this field? . Source: Deloitte. Another noteworthy finding that emerged from the poll would be the overlap between firms which see a compelling case for blockchain, and companies that believe it is overhyped. At least some respondents said they both are accurate.

The explanation probably has something to do with another result: 68 percent of firms globally are scared of losing competitive edge if they do not adopt blockchain technology. As for what companies mean by blockchain – a sometimes contentious issue at Consensus so far – 52% of firms said they are focusing on permissioned models, 44 percent on private models inner to their very own companies and 44% on public models like ethereum. Research image through Shutterstock. The leader in blockchain information, CoinDesk is a media outlet that strives for the greatest journalistic standards and complies with a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

contentious issue
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