One of the “Big Four” accounting organizations Deloitte has recently published a 50-pages global survey about utilizing the blockchain technology, the link on the initial document is at the end of this article. We’ve reviewed the report and want to share with you some key points.
The survey took place in March/April 2018 among top managers of companies with a turnover of more than $500 million. Researchers interviewed 1000 C-level executives from seven countries, most of them are responsible for IT, sales, finances, a strategy of innovations in their organizations. Two-thirds of respondents work in finances, IT, consumer products and medicine.
The report is divided into two parts: the research data and the Deloitte specialists’ opinion about the current situation, the position of the blockchain and its outlook. Predictions in the report are surprisingly optimistic; we expected a more cautious and even skeptical position from one of the “Big Four” companies. The authors talk about the blockchain enthusiastically and predict stunning prospectives for the technology. Evidently, they formed this opinion as a result of the survey: 59% of respondents think the blockchain can revolutionize their industries and the whole economy. And of course, the authors couldn’t avoid to traditionally compare the growth of the blockchain technology with the Internet of the mid-90s.
It’s not the first Deloitte’s survey, and the previous one took place in 2016. Authors noticed that for two years the focus has shifted from the academic study of the blockchain technology to its practical use in business cases.
Besides, it turned out that the blockchain growth prognosis of 2016 has not come true: the technology didn’t grow as fast as the researchers expected. The reason may be in the respondents’ selection: there is no information in the report, but by all indications, the authors talked to those top managers who are interested in the blockchain and as a result, do not represent an average position concerning the technology.
It’s a controversial point as it disagrees with the statement made by most of the respondents where they describe the blockchain as a breakthrough technology supposed to disrupt their industries. Should the transaction speed or lower costs disrupt the industry? Doubtedly. What actually can revolutionize current business-models is new ways of interaction for suppliers, mediators, and consumers, but this considerably underrated.
Naturally, most of the impediments will vanish sooner or later. Then enterprise organizations which have a waiting attitude, for now, will be able to implement the blockchain in several years with less risk but at the same time without the advantage of pioneers.
The survey has shown that the execs of big enterprise companies take the blockchain seriously and consider the technology as an essential part of their strategic development. The feeling that the blockchain is a privilege for enthusiasts and startups will decline in the nearest years as slower but far bigger companies will implement the technology.
Written by AXIOMA CFO&Co-Founder, Konstantin Rukin
Deloitte’s 2018 global blockchain survey: https://www2.deloitte.com/uk/en/pages/innovation/articles/global-blockchain-survey-2018.html#