Deloitte study: blockchain technology, among the top five strategic priorities for organizations

Blockchain solutions are among the top five strategic priorities that organizations are looking to adopt and it gains ground in industries such as fintech and technology, media, telecom, the public sector, science or health, according to the latest edition of the 2019 Deloitte Global Blockchain study. More than 50% of the surveyed respondents consider blockchain an essential strategic direction, up by 10% compared to 2018. Moreover, four in ten respondents plan to invest in 2019 over five million dollars to develop solutions based on this technology, as shown in the Deloitte Global Blockchain 2019 study.

However, the study also depicts a high degree of caution from many companies, but the results underlines a more mature approach. Companies are no longer enthusiastic about the novelty element and instead they have many practical questions. Even if 53% of respondents say blockchain is a priority in their company, only 23% of them have taken steps towards implementing such solutions. In addition, 43% of respondents believe that technology generates exaggerated enthusiasm.

The study shows a wider spectrum of benefits for blockchain technology users compared to 2018 results. Overall, respondents' perceptions are changing, as shown by the 12% increase in those who want to replace current planning systems with blockchain and pursue several specific benefits, such as increasing security and reducing risks (23% of respondents), developing new business models and value chains (23%) and speeding up processes in the production or in the delivery phase (17%).

"We are witnessing a change – slow, but relevant, however - of the business environment's attitude towards blockchain. Organizations are shifting from being cautious and moderately interested in such solutions towards being open and even prepared to roll them out. They are less concerned with functionality issues and are looking for answers on how to applying this technology in their companies," explains Dinu Bumbăcea, Consulting Partner-in-charge, Deloitte Romania.

Respondents of the Deloitte 2019 Global Blockchain study include both leaders of emerging companies, which are building their business model around blockchain technology, and leaders of big companies, where blockchain is not part of their business model and who expect to see results from the implementation on a longer term. Thus, three in five organizations expect to see the results from blockchain implementation within three years, compared to four in five among the emerging companies’ category. Moreover, when asked about the barriers against the blockchain adoption, large organizations could not reach a common denominator in their answers. Instead, emerging companies (71%) mentioned regulatory issues as the biggest obstacle in blockchain technology adoption.

Deloitte conducted the 2019 Global Blockchain survey earlier this year on a sample of almost 1,400 respondents from 12 countries around the world. In Europe, the survey included approximately 400 respondents from Germany, Britain, Switzerland and Luxembourg. The full study results are available here.

Deloitte provides worldwide audit, consulting, legal, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients' most complex business challenges. Deloitte's purpose is to make an impact that matters through its approximately 286,000 professionals.

Deloitte Romania is one of the leading professional services organizations in the country, providing services, in cooperation with Reff & Associates, in audit, tax, legal, consulting, financial advisory, risk advisory, business processes, technology and other related fields, through more than 1,500 professionals.