Survey: Blockchain Is Reaching Beyond Financial Services

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A new survey by Deloitte has found that blockchain technology is becoming an emerging key business focus for U.S. companies in many industries with several sectors focusing on big investments in 2017.

According to the survey, while it found that two in five (39 percent) of surveyed senior executives still have little or no knowledge regarding the technology, it found that the remaining 61 percent claimed to have knowledge on the subject ranging from ‘broad’ to ‘expert.’

Of those knowledgeable of blockchain, over one-third view it as a top-five priority for 2017.

The survey, which was conducted online between November 14 and December 1, 2016, polled a sample of 308 senior executives in the U.S. who are knowledgeable of blockchain at companies with $500 million or more in annual revenue.

The results found that while 42 percent believe the distributed ledger will disrupt their industry, a further 55 percent say they will lose competitiveness if they don’t adopt the technology.

As a result, they are investing significantly in the blockchain with 21 percent stating they have already brought the technology into production, 25 percent plan on doing so within the next year, 28 percent have already invested $5 million or more, and 25 percent will invest $5 million or more this year.

According to David Schatsky, managing director at Deloitte, he said:

It is fair to say that industry is still confused to a degree about the potential for blockchain. More than a quarter of surveyed knowledgeable execs say their companies view blockchain as a critical, top-five priority. But about a third consider the technology overhyped.

Blockchain Extends Beyond Financial Services

The technology, though, is no longer being seen within the finance sector even though it was one of the first sectors to show early interest within it. Now it’s being utilized in other areas too.

Along this line the survey found that forty-two percent of executives surveyed in the consumer products and manufacturing industry are planning an investment of $5 million or more this year. Technology, media and telecoms executives follow at 27 percent, and financial services at 23 percent.

Eric Piscini, principal at Deloitte LLP and the Global Financial Services Blockchain leader, said:

Most financial services companies have been involved in blockchain via their labs, investments, and pilots for a while now. Other industries are now starting to realize the potential for disruption, as well as the new opportunities that blockchain creates.

Deloitte Opens Blockchain Lab

Deloitte too is realizing the benefits that the distributed technology is producing. As such they have opened several innovative labs focusing on the technology around the world including Dublin and New York.

Despite being at the early stages of the technology the labs are designed to produce heavy investments in researching and developing the technology for its clients.

Featured image from Shutterstock.

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