Breaking News
0

Executives See ‘Compelling Business Case’ for Blockchain - Survey

Cryptocurrency NewsMay 16, 2018 05:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Executives See ‘Compelling Business Case’ for Blockchain - Survey

A survey by professional services major Deloitte among more than 1,000 executives at large corporations in seven countries has found that 74% of respondents see a "compelling business case" for the use of blockchain. According to Deloitte, pragmatism is the new mindset among global executives with excellent to expert knowledge of the technology.

Deloitte Consulting principal Linda Pawczuk, who leads the group’s US financial services blockchain operation, commented:

"We are at an inflection point — momentum is shifting from a focus on 'blockchain tourism' and exploring the technology's potential to building practical business applications. I regard these blockchain-savvy executives' views as a leading indicator. As more organizations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations."

Among those polled, 34% revealed that their companies had already initiated some blockchain system, while 41% said their organizations planned to launch a blockchain solution within a year. In addition, almost 40% stated their companies would spend $5 million or more on blockchain solutions in the year ahead.

The findings indicate that the blockchain space will see significant commercial application of the technology next year, at least among organization already convinced of its potential. Still, 22% of respondents globally and 30% of US executives see no compelling application to warrant the use of blockchain.

Blockchain to reach mainstream adoption

Other key findings include 84% of those polled expressing the belief that blockchain will reach mainstream adoption and is broadly scalable, while 59% agreed the technology can revolutionize and disrupt their industries and the overall economy.

Despite the significant interest in blockchain, at least 39% declared the technology overhyped. The figure was 44% for US executives, up from 34% in a similar survey in 2016.

Pawczuk stated:

"While this may seem like blockchain is trending in the wrong direction, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community.”

Her views were echoed by Deloitte Consulting principal Joe Guastella, who said:

"We're still early in blockchain's development, so fits and starts in its maturation are not surprising. In financial services, the technology has already inspired the industry to re-examine processes and functions that have been static for decades. We are broadly seeing applications in production – as well as developing them ourselves for clients – and we believe this momentum will continue."

Financial executives to invest in blockchain

A joint independent survey by the Financial Executives Research Foundation (FERF) and Deloitte released last week showed that 30% of financial executives are planning to invest in blockchain products within a year and a half despite not understanding completely the potential of the technology.

The study, titled “Blockchain for Financial Leaders: Opportunity vs. Reality,” also had 64% of those polled saying their decision to explore opportunities in the blockchain space would not be hampered by any unfavorable news on Bitcoin or price swings of the digital currency.


This article appeared first on Cryptovest
Executives See ‘Compelling Business Case’ for Blockchain - Survey
 

Recommended

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email