There’s been a great deal of hype surrounding blockchain since its capabilities were first promoted to underpin and support the cryptocurrency Bitcoin over a decade ago. Billions have been invested and indications in both the PwC 2018 and Deloitte Global Blockchain 2019 surveys suggest that the technology is increasingly becoming an area of organizational attention and focus.
While the fintech industry remains the blockchain leader, organizations in other sectors including healthcare, technology, media and telecommunications are expanding their blockchain initiatives.
According to the Deloitte 2019 survey which polled 1,386 senior executives across the globe, 53% of respondents identified blockchain technology as a critical priority for their organization this year. Despite its prioritization, adoption is in its infancy, with just 23% of the respondents reporting the initiation of blockchain deployments.
Still, the Deloitte survey shows that there seems to have been a shift in organizational and executive attitudes towards the technology. The question is no longer whether blockchain will work, but how companies can potentially make blockchain work for them.