Deloitte’s 2020 Global Blockchain Survey Unveils Positive and matured sentiments for Blockchain implementation


Deloitte has published its annual global
blockchain survey 2020 which was conducted between 6 February 2020 and 3 March
2020 for the consecutive third year.
The survey collected samples from 1488
senior executives and practitioners from 14 countries and territories including
Brazil, Canada, Israel, Ireland Mexico, South Africa, Germany, Singapore,
China, Switzerland, Middle East, UK, and the US.
The 2020 Survey confirms a whopping
40% of participants have Blockchain implementation in production with
Blockchain as Priority. It also discloses growing importance for blockchain
initiatives from experimental disruptive technology to a strategic priority.
The survey unveils the role and evolution of digital assets in the near future.
Some significant key findings of the survey
are as below:
1)39% of global institutional respondents
have already deployed blockchain into production. The number has significantly
increased by 16%, which was 23% last year.
2) 55% of survey participating
organizations consider blockchain as a top strategic priority. This figure was
43% in 2018 and 53% in 2019.
3) 89% of the respondents believe that
digital assets will be very or somewhat important to their industries in the
next 3 years.
4) 82% of respondents are in a process to
hire or willing to hire staff with blockchain skills within 12 months.
5) 83% of respondents directed that their
organizations will lose competitive advantage if they don't adopt blockchain.
This percentage was 77% in 2019.
6) 70% of respondents consider the pace of
regulatory changes for blockchain and digital asset solutions as very or
somewhat fast.
Linda Pawczuk, Principal, Global, and US
Consulting Leader for Blockchain and Digital Assets, Deloitte Consulting LLP
quoted, “This year’s survey suggests that blockchain is solidly entrenched in
the strategic thinking of organizations across industries, sectors, and applications.”
Rob Massey, Partner, Global and US Tax
Leader for Blockchain and Digital Assets, Deloitte Tax LLP stated. “Our survey
confirms what we see in the marketplace - proliferation of digital assets used
as a means of exchange, store of value, representation of specific assets, or
equity in a company.”
Massey further added, “Digital assets are
enabling enhanced commercialization models across industries and geographies.”
Digital assets have a Robust Future
83% of respondents believe that the digital
assets will emerge as a strong alternative or replacement for fiat currency in
the next 5 to 10 years.
Global Digital Identity
90 % of respondents believe global identity
will be very or somewhat important in their future blockchain and digital
assets strategies.
Top Barriers of Blockchain Adoption
While digging out the top barriers of
blockchain adoption, the participants responded as follows:
Implementation: replacing or adapting an
existing legacy system - 35%
Concerns over sensitivity of proprietary
information – 34%
Potential security threats - 34%
Top use cases of Blockchain
As per the respondents
33% -Digital currency 32% - Data access/
sharing
34%- Data reconciliation Identity
Protection – 31%
30% - Payments
Region-wise Analysis
China has raised concerns over cross border
implications whereas Germany has recorded been substantial active regarding
crypto regulations. Asia Pacific region responses displayed a widespread
recognition for blockchain's strategic value.
UAE is evolving as a digital assets
hub with a consistently growing ecosystem. While Israel is emerging as a leader
in blockchain innovation. Throughout the European Union including the United
Kingdom, blockchain is witnessed as a matter of priority with multiple approaches.
Consortia and Governance
The executives revealed positive sentiments
regarding the joining of consortium and the benefits they offer while
implementing the blockchain.
41% of respondents believe incompetence to
create fair and balanced governance rules represents the leading challenge of
joining a consortium.
About Deloitte
Deloitte is a world leader in auditing, consulting, and advisory services for the world’s top organizations with 7000 private companies. With 175 years of service, it spans over 150 countries with more than 300,000 employees.
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Jayashree Ingle
CBW - External Analyst
INDIA