Blockchain adoption in enterprises has become a matter of interest since the technology gained prominence in the last few years.
‘Big four’ consulting and professional service firm KPMG recently released conducted a survey of business leaders in the tech industry and found that close to half of them were planning to implement blockchain in a few years’ time.
Details of the Blockchain Survey
According to a report of the study published on its website on Saturday, March 2, the auditing firm garnered responses from more than 740 global leaders in the technology industry as part of its study. KPMG noted that seventy-six percent of the respondents are C-level executives.
The study dubbed “2019 Technology Industry Innovation” was carried out between December 2018 and January 2019 and involved participants spread across 12 countries.
Results of the Blockchain Survey
According to the study results, 41 percent of the respondents returned that it’s “very likely/likely” that their companies will implement blockchain technology within the next three years. On the flip side, only 28 percent said that it was “not likely/not at all likely” while 31 percent were neutral.
Blockchain is often positioned as a technological innovation which would remove the need for trust between business parties thereby eliminating third parties and the added cost they bring.
48 percent of the participants in KPMG’s study agreed that blockchain will change how they conduct business within the next three years while 27 were adamant it was “not likely/not at all likely.” The participants pointed to improved business efficiency as the top benefit of blockchain.
Participants (27 percent) identified IoT (Internet of Things) will be most impacted by blockchain technology in the next three years. Trading, cybersecurity contract issuance were other areas identified to feel blockchain disruption.
However, blockchain implementation is not without challenges as 24 percent noted that unproven business case hinders their progress with blockchain while the complexity of blockchain and a lack of capital were other limitations.
Reactions to the Blockchain Survey
According to Forbes, co-founder of blockchain education and training B9lab Damien Ducourty, while responding to the report, said that the technology has the potential to change a number of industries. He noted that “Incumbents can choose to be part of the potential transformation and shape the change or try and streamline their existing practices.” Jehan Chu, co-founder of blockchain-focused investment firm Kenetic, this is just the beginning.
Past Blockchain Surveys
As reported, a survey of executives of investment companies found that the majority did not understand the tech. The study carried out by Global Blockchain Business Council (GBBC) involving 71 institutional investors found that about 63% lack a fundamental understanding of blockchain.
Business leaders in the automobile industry, however, believe that the industry is about to be disrupted by blockchain according to a Dec. 2018 study by IBM’s research arm. As much as 93 percent of the 1,314 auto leaders surveyed said they plan to make moderate to significant blockchain investments over a period of 3 years.
Consulting firm McKinsey & Company released a blockchain report in January which stated that blockchain has not lived up to its lofty expectation.
The authors wrote:
“There needs to be investment around usability and operational support before the potential can be realized…It’s not just down to the technology, there are questions of demand, funding and also the supply of people to actually do the work.