Blockchain Becomes Top Strategic Priority For Majority Of Organizations

Deloitte has come out with its third “Global Blockchain Survey“. According to the latest survey, blockchain is no longer a disruptive technology which everybody is talking about, but very is implementing in their organization in a big way.

Evolution of blockchain is complete now, reveals Deloitte’s 2020 Global Survey. Now big companies are investing their money to create blockchain-based digital assets. Talents are also being hired by the big organizations.

The survey has analyzed the role and evolution of digital assets.

Key Findings

Thirty-nine percent of global respondents said that they had integrated blockchain into production. Last year, only 23% of respondents had said so.
Blockchain has become one of the top strategic priorities for 55% of organizations. If we compare it from 2018, then we could see a significant jump. In 2018, blockchain was important strategic asset for only 43% of responding organizations.
89% of global respondents believe that digital assets will be “very” or “somewhat” important to their industries in the next three years.
Eighty-two percent of organizations have either started hiring blockchain experts or intend to do within the next 12 months.
Importantly, 83% of organizations will introduce blockchain applications to their organizations because they don’t want to lose competitive edge

Large-Scale Blockchain Initiatives

More and more financial infrastructures are becoming blockchain-based. Organisations are doing so because they don’t want to lose out on global money movement.

Distributed ledger technology for trade finance and blockchain-enabled track-and-trace platforms have also become parts of many organizations.

In order to make blockchain a less complex affair, and remove regulatory bottlenecks, big organizations are also joining consortia. Right from profit-sharing to decision making, broad consensus has emerged on how to run consortia.

“Our survey confirms what we see in the marketplace — a proliferation of digital assets used as a means of exchange, a store of value, digital representations of specific assets, or equity in a company,” said Rob Massey, Partner, Global and US Tax Leader for Blockchain and Digital Assets, Deloitte Tax LLP.

The 2020 Global Blockchain Survey

Deloitte conducted the survey between Feb. 6, 2020 and March 3, 2020, polling a sample of 1,488 senior executives and practitioners in 14 countries and territories (Brazil, Canada, China, Germany, Ireland, Israel, Mexico, Singapore, South Africa, Switzerland, United Arab Emirates, United Kingdom and United States).