Deloitte – Billionaire365

Public Blockchain Technologies, Including Bitcoin (BTC) And Ethereum (ETH), Adopted By 44% Of The Entrepreneurs, According To Deloitte

Deloitte, one of the most recognized consulting firms, has published the results of its latest global surveys on the blockchain technology, data that confirm that 44% of entrepreneurs have begun to incorporate public blockchain models, including those of Bitcoin (BTC) and Ethereum (ETH), to develop their services, displacing the dominance of private blockchains in the business sector.

The document, directed and written by Linda Pawczuk, Rob Massey, and David Schatsky, compiles the opinions of a total of 1,053 entrepreneurs from China, Germany, the United Kingdom, Canada, the United States, France, and Mexico.

More entrepreneurs focused on public blockchain technologies

The survey yielded information relevant to the adoption of blockchain technology at the enterprise level, highlighting among it the entrepreneurs’ vision regarding Distributed Ledger Technology (DLT) in the long-term market. For example, about the blockchain model that generates more significant attention to companies to develop activities, 52% of firms focused on authorized blockchains stand out, that is to say, that they require a permit to access.

Private blockchains, with one or two nodes and coordinated by companies, continue to play a leading role with 44% of entrepreneurs focused on developing services with this model.

However, the surprise was given by the public blockchain technologies, including those of Bitcoin (BTC) and Ethereum (ETH), among others, which also have 44% of the interviewees interested in focusing their activities on their model.

Blockchain doesn’t really do anything unless it is paired with a solid use case where it can serve as a kind of Trust-as-a-Service (TaaS) for ecosystem participants. In short, it is more an enabler of business models than a technology. Understanding this is key to discerning the difference in how digital enterprise (traditional) organizations view blockchain compared to digital enterprises.

Deloitte

Respondents’ answers regarding the future of blockchain technology also stand out

84% of entrepreneurs believe that, in the future, blockchain could become a highly scalable technology adopted by a large part of the population, while 77% think that it will serve to optimize value chains.

In line with this perspective, 69% of entrepreneurs plan to have blockchain technology as a replacement for the company’s current records system, while 59% believe that Distributed Ledger Technology (DLT) will have a high impact on the way the industry works.

Anna Galvez

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 Consulting

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.

Anna Galvez