Deloitte Survey: Tech and Telecom Execs Have Plan to Invest in Blockchain

Deloitte: Tech and Telecom Execs Plan to Invest Millions in Blockchain

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  • Deloitte conducted a survey on over 1,000 senior Tech and Telecom blockchain-savvy executives in seven countries.
  • 41% stated that they would deploy a blockchain app within a year, while another 40% would invest at least $5 Mln in blockchain next year.

On Monday 27th August, Deloitte released the result of its 2018 blockchain survey conducted on 1,053 blockchain-savvy senior execs from Tech and Telecom firms and 180 from TMT firms, all from seven countries namely the US, the UK, Mexico, Germany, France, China, and Canada. The result revealed that the blockchain technology is gaining significant footing at the executive level of diverse enterprises.

According to the result, about 84% of all respondents “believe that blockchain will broadly scale and reach mainstream adoption.” About 59% believed that the technology would disrupt their specific industries, while 29% have “already joined a blockchain consortium.”

74% stated that there is a “compelling business case” for use of the blockchain, and 40% stated that some use of the blockchain has already begun within their organization.

Another 41% declared that their organizations would deploy a blockchain app within a year, with about 40$ percent stating that their enterprise would invest at least $5 Mln in blockchain next year.

The findings also showed that total interest in blockchain has grown altogether. Deloitte predicted that the total revenue for blockchain firms would increase from the $340 Mln recorded in 2017 to about $2.3 Bln in 2021.

According to Deloitte when interpreting the result of the survey:

“Ultimately, [blockchain is] more of a business model enabler than a technology…for legacy organizations…we’re starting to see a change in approach toward blockchain. Executives in these organizations are moving away from the pure platform view of “What is it?…let’s find a use case” toward development of more sensible, pragmatic business ecosystem disruption.”

The Deloitte’s report also revealed that venture capitalists have funded blockchain startups with about $1.3 Bln just within the first half of 2018.

More so, developers are progressively looking into the Blockchain technology, about 27,000 new projects were produced by developers just in 2016.

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