Deloitte surveys industry executives about blockchain technology

28 Aug, 2018
by Matthew Kim
Deloitte surveys industry executives about blockchain technology

Deloitte, a multinational professional services network, published a survey of executives from various industries that revealed the interesting perspectives they hold about blockchain technology.

A subdivision of Deloitte, the Deloitte Center for Technology, Media & Telecommunications, conducted a survey examining the opinions industry executives have about the up and coming blockchain technology. The survey was taken by 1053 executives from 10 industries and 7 countries.

The results from the survey displayed a stunning level of interest, with 84 percent of the respondents predicting that “blockchain will broadly scale and reach mainstream adoption”. Furthermore, 74 percent reported that their own organizations see a “compelling business case for the use of blockchain”. Already, 34 percent of the companies are at least involved in blockchain systems, with 41 percent expecting blockchain application deployment within the next year. 59 percent marked that they believed blockchain technology will eventually disrupt their respective industry, and 40 percent claimed that their organization will invest at least $5 million into blockchain technology.

However, the survey was not without executives from the other side of the spectrum. Almost 40 percent of the executives believed that the blockchain industry is “overhyped”. Deloitte believes that the overconsumption of blockchain could be possibly leading to “blockchain fatigue”, where people are growing tired of hearing about the technology.

One interesting and perhaps absurd finding of the survey was the perceived level of understanding the executives have of blockchain technology. According to the survey, a majority of them would describe their own understanding of blockchain technology as “excellent” to “expert”. Oil and gas industry executives showed the greatest confidence, with 87 percent claiming to be experts in blockchain, and Public sector executives showed the least confidence, with 52 percent claiming expertise. However, these executives are most likely severely overestimating their understanding of blockchain technology, as blockchain technology is a convoluted concept in an infant industry. Jameson Lopp, a prominent blockchain engineer, once famously stated that first step to understanding Bitcoin is “admitting you don’t understand Bitcoin”.

Read the full report from Deloitte here.

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