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
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.
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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CBW - External Analyst