Only 1 Percent of 293 UK Firms Actually Adopted Blockchain Technology

Only 1% of Business CIOs are Actually Using “Blockchain” Technology

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  • A survey revealed that only 1% of nearly 300 UK Firms adopted Blockchain technology.
  • Most firms only using the subject of Blockchain adoption as a marketing campaign to win more clients.

United Kingdom: In a recent survey conducted by Gartner, a UK corporate research firm, on the Chief Information Officers (CIOs) of about 300 firms in a bid to separate Blockchain hype from real adopters, only 1 percent of the surveyed CIOs reported “any kind of blockchain technology adoption within their organizations.”

There are a number of companies who are currently using the subject of Blockchain technology adoption as a marketing campaign to win more clients. This made Gartner carried out a survey on 293 CIOs in an attempt to expose the actual fact on blockchain usage among businesses in the UK.

David Furlonger, Gartner Vice President, stated:

“This year’s Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment. It is critical to understand what [it] is and what it is capable of today, compared to how it will transform companies, industries, and society tomorrow.”

The survey revealed that among the 293 surveyed CIOs, 77 percent admitted that their firms did not exhibit any exact interest in blockchain tech nor have plans to do so in the future; 8 percent of the firms claimed they are experimenting with the tech; and only “1 percent of CIOs indicated any kind of […] adoption within their organizations.”

David continued:

“The challenge for CIOs is not just finding and retaining qualified engineers but finding enough to accommodate growth in resources as blockchain developments grow. Qualified engineers may be cautious due to the historically libertarian and maverick nature of the [tech’s] developer community.”

Furthermore, out of the few firms that dabbled into blockchain, 13 percent believed a complete restructuring of an IT department would be the only way to bring along blockchain; 14 percent worried that blockchain would mean a large change of the firm’s culture; 23 percent stated that a host of new skills are needed to meaningfully utilize Blockchain; and 18 percent explained that it nearly impossible to find blockchain knowledge among potential employees.

David insisted:

“Blockchain technology requires understanding of, at a fundamental level, aspects of security, law, value exchange, decentralized governance, process and commercial architectures. It therefore implies that traditional lines of business and organization silos can no longer operate under their historical structures.”

Industries that tend towards blockchain tech include financial services, of course, insurance, and telecommunications. The survey also noted that public utilities, government agencies, and transportation sectors are considering the tech for logistics and efficiency. David said:

“While many industries indicate an initial interest in [such] initiatives, it remains to be seen whether they will accept decentralized, distributed, tokenized networks, or stall as they try to introduce blockchain into legacy value streams and systems.”

Do you think that blockchain tech is the inevitable future so many firms claim? Tell us in the comments box below.

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