Blockchain Closer to “Breakout Moment,” Says Survey

Research firm Deloitte has issued its 2018 global blockchain survey which explores the ways businesses have begun implementing blockchain technology.

The agency surveyed more than 1,000 “blockchain-savvy executives” around the world and found in the results that the respondents see “great value” in blockchain’s potential.

According to the report, the group of executives claimed in their responses that they hold “pragmatic views” and would look to make moves over the next year to implement blockchain into their businesses.

“While blockchain is not quite ready for primetime, it is getting closer to its breakout moment every day,” the report reads. “Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications.”

The report acknowledges current struggles the blockchain industry faces, stating the sector is “still, in many ways, looking for solid footing outside of early adopters” and compared it to the Internet bubble if the mid-1990s.

“And while blockchain use cases may only be dribbling into production at this point in time, there is an absolute gold rush of ideas out in the marketplace,” the report says. “Big thinkers are continually coming up with new ideas for how blockchain can be leveraged across their organizations.”

Case in point, the report says that at least one-third of the survey’s respondents have put in place blockchain implementation to production while an additional 41 percent have plans to bring the technology to production over the next year.

However, the report indicates that its 2016 survey suggested blockchain adaption and production “would have happened a faster pace” than seen in 2018.

“[E]ven though blockchain is rolling out in a more moderated fashion than expected, its adoption remains promising,” the report says.

Holding the technology back, the report claims, is how it is looked at by people and organizations. Deloitte said that blockchain should no longer be looked at as a “new” technology, “because it’s’ really not.”

“Overall, respondents are extremely bullish on blockchain’s potential, namely its ability to broadly scale and reach mainstream adoption,” Deloitte says.

While 39 percent of the respondents said that blockchain is “overhyped,” 84 percent agreed that the technology will achieve mainstream adoption.

Key areas the report says blockchain will disrupt include: automotive, oil and gas, various life science sectors, the financial services industry and consumer products and manufacturing as the top five.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.