39% of the participants of the survey conducted by Deloitte have incorporated the DLT into their organizational operations such as in production.
A recent survey by Deloitte shows that more companies are paying attention to blockchain technology. The study which was conducted from February 6, 2020, and lasted for about a month polled the opinion of 1,488 top company officials from 14 countries.
The result of the survey indicates that blockchain is evolving from a peripheral disruptive technology to a strategic one in which organizations are making a part of their operational future.
Central Role for DLT
Industry leaders agree that distributed ledger technology would play a central role in finance, data storage, logistics, and verification of documents and in several other fields.
The study shows that there is increased interest and investment in blockchain and digital assets based on the technology. 66% of respondents indicated that their organizations would invest $1 million or more in digital assets in the next 12 months.
Deloitte’s Global Blockchain Survey which is in its third year shows increased interest and tendency towards adoption. Industry leaders also have shown their belief in the strategic role of the DLT by hiring talents in the field. Those that have not done so said they have plans to have such in-house talents in the near future.
Deloitte 2020 Survey Findings: Blockchain Is Gaining Popularity
Among the important findings of the study shows that:
- 39% of the participants already have incorporated the DLT into their organizational operations such as in production. This is an increase from the previous year in which 23% signaled they were using blockchain in production.
- 55% of the companies polled admitted that the technology is of strategic importance to their businesses. This is higher than 53% who were of the same view in 2019. In 2018, 43% had that view regarding technology.
- 89% of the respondents believe that technology would be absolutely a part of their industry in a few years. These are of the opinion that they would encounter and use it in one form or another in their industry in the next 3 years.
- 82% admitted they have hired or are skilled personnel versed in the blockchain. Those yet to hire said they would likely do so in the next 12 months. Last year, 73% of respondents indicated they hired blockchain experts.
- 83% of those surveyed believe that technology gives them an edge over their competitors. This is an increase from the 77% that had that view in 2019.
Another takeaway from the study is that 70% of respondents agreed that the DLT has a high adoption rate. This has been incentivized by the application in large-scale financial initiatives such as in the simplification of international remittances. The enhanced transparency it confers on data makes it eliminate the need for third-party verification of transactions.
Linda Pawczuk, a blockchain consultant with Deloitte Consulting LLP, stated:
“While blockchain was once classified as a technology experiment, it now represents a true agent of change that is affecting the entire organization.”
Want to learn more about the industry’s updates? Read blockchain news daily on Coinspeaker.
Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.