According to a Deloitte study conducted on more than 1,000 executives in seven countries, the consulting firm found that three-quarters of companies see blockchain as an “irresistible business case. Even if it’s not in its prime, blockchain is close to its tipping point,” as reported.
Deloitte’s units dedicated to global practices of blockchain technology, conducted the study between March 26th and April 5th, as “an investigation to obtain more visibility on attitudes and investments in blockchain as a technology.” Online interviews were conducted with 1,053 executives in management positions in companies with annual revenues of $500 million or more. The study was conducted in 7 countries, such as Canada, the United States, Mexico, France, Germany, the United Kingdom, and China.
Interest in blockchain technology is undergoing a transition from a focus on education and exploring the potential of technology to the identification and development of practical business applications, says Deloitte. Executives with more knowledge about blockchain technology, the study says, have more pragmatic positions and are interested in investing in a wide range of cases over the next 12 months.
For example, 74% of respondents report that their organizations see an “irresistible business case” for using blockchain, and many of these companies are already moving with the technology. Nearly half (34%) say their companies are already advancing with technology. Additionally, about 40% of respondents reported that their organizations will invest $5 million or more in blockchain technology next year.
Deloitte revealed differences in the attitudes regarding blockchain technology from one country to another
When comparing the proportions of companies surveyed by country and by income level, Mexico shows the highest percentage of large organizations. For example, 61% of the Mexican companies involved in the study have an income of more than $5 billion, compared to 39% in China, and 33% in the United States.
Regarding investments in the recruitment of specialized personnel in blockchain technologies, China is the one that stands out, with 86% of the organizations that are currently investing, followed by Mexico with 56%, and Canada with 51% of current investments.
In a similar study carried out by Deloitte in 2016, which included 522 senior executives, 39% of respondents said they had little or no knowledge of blockchain technology, while in this year’s study, when asked to assess their knowledge level on this technology the percentages are very high, suggesting that blockchain technology is slowly but steadily becoming essential for businesses worldwide.