The global attitude towards blockchain adoption has shifted since the past few years, reveals the latest survey from Deloitte.
Industries across the globe have passed to the next stage of blockchain adoption. As Deloitte’s 2020 Global Blockchain Survey reports, nearly twice as many companies integrated blockchain technology into their business model in 2020 compared to the previous years. Furthermore, more than half of them see blockchain integration as their strategic priority.
The survey polled nearly 1500 senior executives and practitioners from 14 different countries and industries. As the data revealed, even 55% of them mentioned blockchain technology as among the top-five strategic priorities of their organization. The number increased by 12% compared to the data in 2018. According to the survey, the increase marks the shift from the “planning to” stage to the active one:
Organizations appear to be more committed than ever to blockchain and are demonstrating this by implementing it as part of their normal course of business.
Moreover, 88% of respondents expressed their belief in the eventual mainstream adoption of blockchain technology. Even 83% of them admitted that their organization or project could lose a competitive advantage if they do not adopt the blockchain. This is 15% more blockchain-positive respondents compared to 68% of 2018, and 77% of 2019.
On the other hand, the number of blockchain skeptics has also risen compared to the previous years The survey revealed that 54% of the respondents think blockchain is overhyped. This is 11% more compared to 43% of the last year and 39% in 2018.
More blockchain incorporations
In the meantime, the number of organizations that have already incorporated blockchain technology into their production significantly increased worldwide. The current figure of 39% is nearly twice higher compared to 23% of last year. Reportedly, 41% of these companies accumulate higher than $100 million in revenue, while 46% of them generate revenue higher than $1 billion.
Different trends across the globe
Deloitte’s survey exposed that various countries show different attitudes towards blockchain. According to the data, 31% of United States respondents admitted they have already incorporated blockchain solutions in their business model. Meanwhile, the number is nearly twice bigger (59%) in China.
Simultaneously, the Asia-Pacific region is sitting at 53%, closely followed by Ireland (48%) and the United Arab Emirates (43%). The best performing industries here are technology, media, and telecommunication as well as finances and retail, including wholesale and distribution.
The blockchain is most widely used in the digital currencies and data access and sharing use cases, survey reports. Since most of the countries across different regions are highly positive towards the wider adoption of digital assets, China, Brazil and UAE are the leading ones with over 90% of respondents agreeing that digital currencies will be an alternative or replacement for fiat in the next five to ten years.
However, most of the respondents agree that the biggest challenges for wider digital asset adoption are cybersecurity, regulatory barriers, and privacy issues. Meanwhile, the biggest obstacles for blockchain mass adoption are replacing and adapting the existing legacy systems, potential security threats, concerns over sensitive and competitive information, and lack of clarity from regulatory authorities.