Overwhelmingly, top companies believe that blockchain technology will provide great value to their organizations. We know this because of a recent study of 1,053 senior executives from seven countries done by Deloitte.
The 47-page report is full of fascinating facts and thoughts on blockchain technology. The conclusions that Deloitte reaches are very promising for the future of the sector, and what it means for the world as a whole.
At the moment, they feel blockchain is at its maturing point, shifting from “blockchain tourism” to the development of practical business applications. “The fact is, traditional enterprises are putting more resources behind blockchain than they had been in an effort to achieve greater efficiency and to develop new business models and revenue sources,” the study notes.
For companies curious about blockchain technology, Deloitte concludes that the only mistake they can make is to do nothing. They advise, “Even without a completely solid business case to implement, we believe that organizations should, at the very least, keep an eye on blockchain so that they can take advantage of opportunities when they present themselves.”
Over 50% of those surveyed planned to invest $1 million or more in the upcoming year, whereas only 5% had no plans to get involved with blockchain this year at all. And while many of those investments are just shallow dives into possibilities, some are more ambitious, like the Bitcoin SV (BSV) powered Metanet project being worked on by nChain’s Chief Scientist Dr. Craig Wright. “Big thinkers are continually coming up with new ideas for how blockchain can be leveraged across their organizations,” they note.
The advantages that these executives see with blockchain technology are primarily its greater speed (32%), and its ability to build new business models (28%). The biggest currently problem they see with blockchain is the lack of regulatory certainty from their governments (39%).
Answers could vary quite a bit depending on geography. For example, when asked if the blockchain was just a “database for money,” 61% in France and the UK agreed, whereas only 18% in the U.S. did.
One way or another, blockchain technology is going to change the world. 84% of those asked told Deloitte that mainstream adoption is inevitable, and 97% felt it would improve their industry in some way.
The conclusion we can take away from this is clear: businesses are preparing to dive into blockchain technology, and hard. The BSV team is focused on providing them a stable protocol and use cases that can meet their needs. When they do jump in, BSV will be ready for them.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.