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Deloitte is very keen on the foresight of blockchain technology. Since 2018, it has been tracking and investigating the global use of blockchain technology. From this, we have also seen a good technology, from the concept to the landing, the time taken by the blockchain is not long. Unlike the Internet’s vigorous arrival and staking, the use cases of blockchain technology are really rooted at the bottom of the industry.
To do many new things, global business leaders are betting on the blockchain. The following is the text of the report:
The evolution of blockchain
Since blockchain technology has been well-known, more than ten years have passed. During this period of time, the statement about what blockchain technology can bring to the business and the physical industry is constantly upgrading and evolving. The concept of an encrypted payment platform has evolved into a bigger, more challenging, and authentically challenging thing. In recent years, we have truly realized that the potential of blockchain is full of value along with practical use cases of more companies.
In the Deloitte 2019 Global Blockchain Survey Report, we found this trend in the investment field, although there are still some solidified and old concepts about blockchain technology. However, in a global survey in 2020, we found that these doubts and doubts are quickly disappearing. Blockchain, as an organization’s strategic thinking, runs through industry, organization, and application cases.
There are more substantive examples in the market to illustrate that startups and mature companies are deploying blockchain. Various organizations seem to be committed to deploying blockchain more than ever as part of their normal commercial operations.
This is the key achievement of Deloitte’s 2020 global blockchain survey. Business leaders no longer regard blockchain as a groundbreaking or innovative technology, but as an integral part of organizational innovation. This year, C-suite invested money and resources on blockchain as a strategic solution, as a meaningful and diverse means to solve large-scale projects or non-large-scale projects, thereby promoting more and more extensive blocks Chain processes, control methods, solutions, and more business models. Like any commercial solution, there are still real-world challenges that need to be overcome. Nevertheless, bold and moderate production use cases have proved that blockchain technology is effectively solving many problems for organizations, commerce and industry.
During our investigation, the new crown virus had just begun to occur, and many countries we surveyed had not heard of this virus until the end of our investigation on March 3. We can ensure that our research data and analysis faithfully reflect the full picture of blockchain technology. Of course, the global health crisis of the new crown will have a long-term impact on the practice of blockchain technology and digital assets.
Deloitte conducted this survey between February 6th and March 3rd, with the main purpose of gaining greater insights and investment overview on the understanding of blockchain as a technology. This report discloses the blockchain and its potential value. This survey collected 1,488 executives and practitioners in 14 countries and regions (Brazil, Canada, Mainland China, Germany, Mexico, Ireland, the United States, Singapore, Switzerland, North and South). The respondents were at least , Digital assets and distributed ledgers have a broad understanding, familiar with and able to have plans and views on blockchain and digital asset investment, as well as other indicators.
In order to expand the diversity of survey subjects in this year’s survey, we have identified a group of 100 respondents who are directly engaged in the development of blockchain technology. In the past year, they also received at least 3 million US dollars in venture capital. These 100 interviewees conducted the same survey as the other interviewees and were included in the total sample of 1488.
Blockchain is the top 5 corporate strategy
Our 2019 survey results show that organizations have moved from the conceptual definition of “blockchain” to more blockchain use cases. In 2020, more and more business leaders said: Blockchain is a Top5 corporate strategy, and priority will be given to the allocation of blockchain technology and related personnel. Our latest survey data shows that organizations clearly see blockchain as a top priority, and deployment in enterprises has risen from 53% in 2019 (43% in 2018) to 55%.
As we have noticed, a key message appeared. Consider Figure 1 and Figure 2, which prove that the thinking and definition of blockchain is constantly evolving.
Up to 88% of people believe that blockchain has extensive scalability. This proportion was 86% in 2019 and 84% in 2018.
Those who hold the view that “companies will lose competitiveness if they don’t adopt blockchain” rose from 77% in 2019 to 83%. About 86% of respondents said that blockchain provides a convincing business case.
Will not adopt the blockchain, will sacrifice the competitive advantage?
Respondents in all regions expressed positive views. For example, regarding the scalability of blockchain, respondents from Hong Kong, Brazil, Israel, and Arab countries and regions are more optimistic than average. If organizations do not adopt blockchain, they will sacrifice their competitive advantage. In this view, people in mainland China, Ireland, and Canada are more optimistic. Each indicator reflects that blockchain is a globally diverse technology. (Later, we will discuss regional differences in blockchain adoption in more depth.)
Of course, attitude alone cannot drive blockchain adoption. But emotion is important because it guides investment and confidence. To this end, our investigation shows that the company continues to invest hard-earned money into the blockchain project. For example, 82% of respondents stated that they will hire employees with blockchain expertise or plans in the next 12 months (up from 73% last year). The percentage of companies considering hiring employees with blockchain expertise rose to 89%. The Asia-Pacific region (Mainland China, Singapore, Hong Kong Special Administrative Region) is a leader in recruitment, accounting for 89% of total recruitment. Other indicators in the survey show that the level of blockchain investment is also rising steadily.
It is true that as companies adopt and implement blockchain solutions, more company leaders accept that blockchain is a fact that is currently happening rather than a breakthrough technology in the future, and there are still uncertainties about current and future applications of blockchain Sex. We don’t expect any business organization to solve this problem right away-this process will take time to deal with, depending on the industry, maturity, risk tolerance and budget. Some people are still skeptical: Although our survey respondents are generally positive and affirmative, some data shows that their perceptions and emotions are not consistent. For example, the number of people who believe that blockchain is “hyped” this year has also risen sharply, reaching 54%, compared with 43% and 39% in 2019 and 2018, respectively. In addition, the proportion of people who believe that blockchain is more secure than traditional technologies has dropped from 71% in 2019 to 64%.
Blockchain has penetrated into our lives
Despite such signs, blockchain has basically become a daily use case. These use cases become how blockchain technology can play a practical role across regions and industries.
Of course, we have seen that the advantages of large-scale innovation have brought about a series of changes. Libra, for example, represents a new simplified global financial paradigm based on the underlying blockchain, triggering the inclusiveness and independence of the financial systems of peripheral countries from the banking system.
To give another example, based on the Hong Kong Special Administrative Region’s trade finance DLT solution, through smart contracts, fraudulent trade and duplicate financing are reduced, and industry transparency and productivity are improved.
There are other examples, from the ability of the DLT platform to improve transparency and productivity, to the tracking and traceability supported by blockchain for Southeast Asian bancassurance companies and large North American ports to increase transparency and trust, and the representative Nordic leading quality development assurance organization supported by Deloitte. Blockchain technology is widely used.
Large-scale projects of this type are those that can receive media attention. But we are also monitoring small-scale examples, which are enough to prove that the adoption of blockchain is a fair change in people’s lifestyle and affects all fields. Such as ownership transfer and protection; patient data storage and retrieval systems, platform voting easier and safer; tracking food purchases. These examples, and other real-world technical implementations, are nuanced but practically proof of the true value of blockchain in the global business society.
Translation: Dahlen Think Tank