Enterprise Ethereum firm ConsenSys recently highlighted a recent report by Deloitte, which showed that 95% of surveyed firms are investing in distributed ledger technology.
“Breaking Blockchain Open” the 2018 global blockchain report surveyed over 1,000 executives from a variety of industries and professions who are savvy in blockchain tech.
Enthusiastic Results for Enterprise Adoption
The results of the Deloitte survey show a positive level of adoption of blockchain technology happening in enterprises.
The report also highlights the global adoption trends, including which sectors and markets are leading in 2019.
The report suggests:
“While blockchain is not quite ready for primetime, it is getting closer to its breakout moment every day. Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications.”
According to the survey, about 26% of companies will invest anywhere between $1 million to $5 million on blockchain tech while 23% will spend between $5 million and $10 million.
16% of companies in the US said that they would make no investment while 32% of Chinese companies noted that they would invest between $5 million to $10 million.
84% of respondents also believe that blockchain is scalable and will eventually be adopted in the mainstream.
Interestingly, 39% of respondents believe blockchain is overhyped. In 2016, 34% of respondents believed the same.
Global Trends in Enterprise Blockchain
Deloitte notes that the automotive, oil & gas and life sciences industries are the most bullish on blockchain.
Over 70% of the respondents from these industries agreed that blockchain would disrupt their organization’s industry.
About 84% of respondents also believe that blockchain will offer more security as compared to traditional IT systems.
Only about 2% believe that blockchain will provide no significant advantage over the legacy systems.
39% of the respondents are also concerned about regulatory compliances of the technology while 37% see the implementation of the distributed ledger as a barrier to further investment by their organization.
About half the companies also suggest that they are willing to join a blockchain consortium with their competitors and less than a third are already participating in one.
The primary blockchain use case interests are for solutions for supply chains, internet of things (IoT), and digital identity.
The report also states that the US is losing against its competitors across the Atlantic as countries like Germany, France, and the UK are moving ahead in the race.
The US also lags behind Canada, China, and even Mexico as these countries currently have more blockchain solutions under production. China is also hiring more blockchain professionals than the US.