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%.
SEE ALSO: Blockchain is the Top Skill Companies Need Most in 2020, According to Latest LinkedIn Learning Study
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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