55% of Companies, Including From South Africa, Say Blockchain is Now Critical and a Top-5 Strategic Priority, Latest 2020 Deloitte Survey Shows

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The latest 2020 Deloitte survey is out and shows that over 55% of respondents view blockchain as critical and in their top-five strategies priorities in 2020.

This latest survey also reveals a substantial jump in blockchain adoption from 23% overall to double at 46%.

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The survey compares similar sentiments on blockchain relevance over the past two years and shows a 12% rise in sentiments on blockchain’s critical role in firms since 2018.

Here is a highlight of key responses from the survey on the various aspects of blockchain and its relevance across various industries:

  • 89% of survey respondents view digital assets as very important to their digital industries in the next 3 years
  • No clear consensus on exactly how digital assets will be used or the specific role they will play
  • 88% believe blockchain is broadly scalable and will eventually achieve mainstream adoption
  • 83% believe their organization or project will lose a competitive advantage if they don’t adopt blockchain
  • 86% believe there is a compelling business case for the use of blockchain within their organization or project
  • 54% believe blockchain is overhyped compared to 43% i 2019 and 39% in 2018
  • 85% said their suppliers, customers and/or competitors are discussing or working on blockchain solutions to solve current value chain challenges in their organzations

  • 82% of respondents said they are hiring staff with blockchain expertise or plan to do so within the next 12 months, compared to 73% in 2019
  • 39% of respondents have already incorporated blockchain into production with China leading the pack at 59% compard to US at 31%
  • 46% of respondents with revenues exceeding Us $1 billion have brought blockchain into prouction compared to 23% overall
  • 83% of respondents strongly agree that digital assets will be an alternative to or replacement for fiat currencies in the next 5-10 years
  • 64% say enterprise-controlled digital assets are most under consideration compared to 54% for fiat-backed, stablecoins, and utility tokens

  • 66% said cybersecurity is the major concern hampering widespread acceptance and use of blockchain tools
  • 36% of respondents planning at least $5 million in blockchain investment plans over the next 12 months
  • 35% said the greatest barrier to blockchain adoption is replacing and adapting existing legacy systems
  • 33% say they are implementing a digital currency use case for blockchain while 32% cited data access and sharing use case

Of course, attitude alone does not drive blockchain adoption. Sentiment however matters, as it lead to confidence and investment.

According to the survey:

The story of blockchain in 2020 is a story of tangible, real-world implementations across large and small scales. But is also a story about how blockchain affects the entire organization and makes everyone a participant in its success.”

This survey is clear proof that blockchain sentiments are fast on the rise and will eventually see investments in this technology moving forward across the globe.

 

 

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