Deloitte’s 2020 Global Blockchain Survey
From promise to reality
Deloitte’s annual Global Blockchain Survey reveals a compelling evolution of blockchain from an experimental, disruptive technology to a true strategic priority for organizations. Survey respondents indicated increased sentiment, investments and more strategic talent sourcing and requirements for blockchain initiatives.
Increasing investments in blockchain and digital assets
Leaders no longer consider blockchain technology groundbreaking and merely promising. Deloitte’s 2020 Global Blockchain Survey polled a sample of nearly 1,500 senior executives and suggests that initial doubts about blockchain’s usefulness are fading as business leaders now see it as integral to organizational innovation. As a result, they are putting money and resources behind the technology in more meaningful and tangible ways.
Blockchain’s more “real” reality
There is a reality at play that extends far beyond use cases and deployment initiatives. Put simply, while blockchain was once classified as a technology experiment, it long ago made the leap from theoretical to practical, and many executives recognize it as a true agent of change that is affecting the entire organization.
A deeper look
In our 2020 Global Blockchain Survey, we uncovered several findings that illustrate a continuing trend in thinking and investment in the blockchain space.
- Digital assets find their footing
Digital assets represent a significant part of blockchain’s enduring sustainability. They can make it easier to view and certify an asset’s historical provenance and allow for otherwise indivisible physical assets to become divisible and more easily traded on secondary markets.
- Cybersecurity presents a persistent but manageable challenge
Cybersecurity remains a challenge to blockchain’s adoption and acceptance worldwide. A vast majority of survey respondents say that cybersecurity plays at least some role in their blockchain and digital assets strategic planning.
- Global Digital Identity has yet to fully realize its potential
Global digital identity is a vital tool in confirming the veracity of an individual’s—or a corporation’s—identity. The full array of benefits will likely remain untapped until the general population develops a greater understanding and acceptance of digital identity and its underlying technologies.
- Regulatory requirements may complicate adoption
Though respondents are confident their organizations can meet regulatory challenges that emerge from blockchain’s greater adoption, this confidence may be excessive. Businesses will likely face varying regulatory requirements as they juggle multiple, and sometimes competing or contradictory, regulations imposed by different jurisdictions.
- Blockchain consortia focus on how to govern
Today’s conversations revolve more around how consortia are run, how decisions are made, and how profits are shared across the membership. We found that organizations are—and for good reason—placing an increasing emphasis on performing due diligence and addressing key governance-related concerns.
Blockchain is a global, perspective is local
China considers cryptocurrencies illegal within its borders, which puts it at odds with regions such as Hong Kong and Singapore that encourage crypto’s use and development. Still, China’s central bank recently unveiled a digital version of its national currency.
Crypto is gaining acceptance in countries such as Germany. In the Nordic region, the focus is often more on blockchain’s distributed-ledger capabilities, while the United Kingdom tends to embrace digital asset concepts.
The UAE reportedly encourages growth of regulated digital asset exchanges. Israel, a longtime blockchain technology proponent and entrepreneurial hotbed, may be slowing its adoption slightly.