70% of executives describe themselves as “excellent” or “experts” in blockchain
The majority of executives are already ‘blockchain experts’, according to the results of a new survey, despite the technology still being in its early stages.
The study, conducted by Deloitte, found that 70 per cent of 1,053 executives interviewed from across Canada, China, Germany, France, Mexico, the UK and the USA described themselves as either ‘excellent’ or ‘experts’ in blockchain.
The biggest result came from the oil and gas industry, with 87 per cent reporting a high level of understanding, while the public sector were lowest with 52 per cent.
The report reads: “Deloitte’s 2018 survey of more than 1,000 blockchain-savvy executives globally is a leading indicator of where blockchain is headed. While blockchain is not quite ready for primetime, it is getting closer to its breakout moment every day.
“The academic hypotheses of five years ago are steadily becoming a reality. Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications.”
All of the respondents worked at companies with $500 million or more in annual revenue, and had a “broad understanding of blockchain”.
Sixteen per cent of companies plan to invest $10 million or more into blockchain technology within the next year, while a further 23 per cent plan to invest between $5-10 million.
“The executives we surveyed hold pragmatic views and look poised to make some major moves over the next year,” the report continues. “Those we surveyed see great value in blockchain’s potential to reinvent processes across the business value chain as more investment is made in identifying and developing a wider range of use cases.”