Today Deloitte released findings from its 2019 blockchain survey. Compared to other studies, Deloitte’s is one of the most optimistic in both 2018 and 2019. It found that 53% (2018: 43%) of enterprise respondents cite blockchain as a top-five strategic priority and 56% (2018: 59%) believe blockchain will disrupt their industry. Only 6% are unsure or don’t see the need to use blockchain.
The top five blockchain advantages were given as new business models and value chains (23%), greater security or lower risk (23%), greater speed compared to existing systems (17%), greater transparency (11%) and lower costs (9%). The results are a little surprising given that efficiency is the term most commonly associated with enterprise blockchain.
The survey respondents were biased towards IT executives (56%). In addition to 1,386 senior executives surveyed across twelve countries, Deloitte also included 31 blockchain ’emerging disruptors’ or startups.
There were two areas where the groups had different opinions. 42% of startups cited the main blockchain benefit as new business models and value chains compared to 23% for enterprises. Additionally, enterprises have a greater belief that blockchain provides greater security (71%) as opposed to 48% of startups.
Deloitte concluded that organizations are less concerned about whether the technology will work and instead are focusing on what business models may be disrupted. It found that 86% believe that blockchain technology is broadly scalable and will eventually achieve mainstream adoption. At the same time, 43% view the technology is overhyped.
Looking at barriers to greater blockchain investment, the survey concluded the top five issues are implementation, regulatory issues, potential security threats, lack of in-house capabilities and uncertain ROI. All came in at between 28% to 30% of respondents.
When it came to participating in consortia, the main expected benefits are cost savings (57%), accelerated learning…