Deloitte & PwC Surveys: To Blockchain or Not?
Main page Analytics, Blockchain

Every day we encounter surveys, opinions, researches or statements regarding the pros and cons of the blockchain. Investors, developers, and professionals from all industries are bombarded with news regarding the phenomena of the century if not millennia. We summarized two very recent surveys by “big four” accounting firms investigating two opposite views on the blockchain.

PWC polls 600 executives from 15 regions. Of them all, 84% have a form of involvement with blockchain.

According to the report, blockchain is changing the way we conduct businesses by tokenization, initial coin offerings (ICOs) and enterprise software platforms, as well as creating new industry and territory leaders.

Blockchain technology is not welcomed with open arms by the industry leaders and the survey investigates reasons behind this.

Regulations and a safe financial environment are needed, but the report also underlines a fundamental problem with the adoption of this technology. Every company tries to use and build on blockchain by itself, however, “Blockchain’s benefits are best realized when different industry participants come together to create a shared platform”.

In conclusion, the survey reviews distrust issues towards blockchain. By nature, DLT should invoke trust, however, the suspicion comes from lack of standardization, missing regulations, interoperability problems, eventually misinformation, and actually not knowing what blockchain is.

PwC paints a picture where China will lead blockchain technology in the next 10 years and due to trust issues many industries will not be fully on board.

Deloitte surveyed 1,053 executives from seven countries.

According to the research, 16% of the companies plan to invest more than $10 million in blockchain already next year. That’s more than 160 companies and roughly $1.6 billion investments in DLT related operations.

Eighty-four percent of the respondents think that “blockchain technology is broadly scalable and will eventually achieve mainstream adoption” and again 84% believes that a blockchain-based solution is currently more secure than systems built from more conventional information technologies.oo

According to the survey, executives from the Oil & Gas Industry are more knowledgeable than the Finance Industry regarding Blockchain technologies.

Deloitte considers blockchain and its path an inspiring one: “As connections are made between blockchain and other emerging technologies, particularly the cloud and automation, we see the potential for blockchain to help organizations create and realize new value for businesses beyond anything we can imagine with existing technologies.”

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