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 (55%), sharing risk (47%) and building critical mass of adoption (45%).
And the critical selection criteria when choosing a consortium are an alignment of objectives (41%), quality and stature of other members (37%), evidence that the group is influential (36), having the opportunity to influence (36%) and affordable cost of participation (36%).
Below are other recent blockchain surveys:
Accenture: blockchain for aerospace
Boston Consulting Group: blockchain for transport and logistics
Cap Gemini blockchain survey
Deloitte 2018 blockchain survey
EY blockchain (finance and tech professionals) survey
KPMG technology industry innovation survey
PwC blockchain survey
PwC China blockchain survey
World Energy Council / PwC blockchain survey
SAP blockchain survey
TD Bank payments industry survey
BNY Mellon payments survey
Friss insurance survey
Juniper enterprise blockchain survey
BIS Central Bank Digital Currency survey
IBM / OMFIF Central Bank Digital Currency survey
ING general population cryptocurrency attitudes