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Saturday, August 18, 2018
3 in 4 Big Companies Jazzed About Blockchain, Deloitte Survey Reveals
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3 in 4 Big Companies Jazzed About Blockchain, Deloitte Survey Reveals

A survey presented by Deloitte on Tuesday revealed that 74 percent of big companies from seven different countries find blockchain technology a ‘compelling’ case for their business.

Deloitte, one of the Big Four firms conducted this survey in late March and early April. Among its 1,000 respondents were representatives of companies with recorded annual sales of more than 500 million US dollars, across seven countries – China, the U.S., Mexico, the U.K., France, Germany, and Canada.

Surveyed companies represented industries ranging from financial services (23%) to technology, media and telecommunications (18%). Some other industries represented include consumer products and healthcare.

Linda Pawczuk, head of Deloitte U.S. financial services blockchain group, said in her statement that the focus from ‘blockchain tourism’ is now shifting to the exploration of blockchain technology to build and leverage its potential practical business applications.

However, the enthusiasm for blockchain is not shared universally even today. Globally, about 39 percent of the respondents found blockchain to be somewhat ‘overhyped’, and about 44% of the US-based firms said they felt the same.

More American firms seemed to be apprehensive about investing in blockchain-based applications than their counterparts in other six countries, especially China. There was no Chinese firm that didn’t seem interested in investing in blockchain within the coming year. But the same cannot be said about the U.S. where 16% of the firms said they would not invest in blockchain the coming year.

Surprisingly, there were a few firms that agreed with both – blockchain being a compelling case and an overhyped technology. Another result showed that roughly about 68% of the surveyed companies are more worried about losing a competitive advantage by not leveraging blockchain’s potential business applications.

The survey results were presented in New York at CoinDesk’s Consensus event.

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