Consulting Company Deloitte Reveals Study on the Blockchain

Consulting Company Deloitte interviewed more than a thousand executives in seven countries, found that three quarters of companies see Blockchain as an "irresistible business case". Even if it is not in its prime, Blockchain is near its inflection point.

The Deloitte units dedicated to the global practices of the Blockchain technology, carried out the Breaking blockchain open study between March 26 and April 5, as "an investigation to obtain more visibility on the attitudes and investments in the Blockchain as technology ". 1,053 executives were interviewed online in management positions in companies with annual revenues of $ 500 million or more. The study was conducted in 7 countries: Canada, the United States, Mexico, France, Germany, the United Kingdom and China.

The interest in Blockchain technology is in transition from a focus on education and exploring the potential of technology to the identification and development of practical business applications, says Deloitte. Executives with greater knowledge about Blockchain technology, the study says, have more pragmatic positions and there is interest in investing in a wide range of cases over the next twelve months.

For example, 74% of respondents report that their organizations see an "irresistible business case" for the use of Blockchain, and many of those companies are already moving with the technology. Almost half (34%) say that their companies are already advancing with technology. Additionally, about 40% of respondents reported that their organizations will invest $ 5 million or more in Blockchain technology next year.

Regional nuances

When comparing the proportions of the companies consulted by country and by level of income, Mexico shows the largest proportion of large organizations. For example, 61% of Mexican companies that participated in the study have an income above $ 5 billion, compared to 39% in China and 33% in the United States.

Another area in which the Aztec nation stands out is that of current and future investments in the replacement of existing systems with new systems based on Blockchain. 42% of the Mexican companies consulted are investing in the implementation of systems with Blockchain that will displace conventional systems, against 41% of Chinese companies and 40% of French organizations.

Regarding investments in recruitment of specialized personnel in Blockchain, it is China that stands out, with 86% of the organizations that are currently investing followed by Mexico with 56% and Canada with 51% of current investments.

In a similar Deloite study of 2016, which included 522 top executives, 39% of respondents claimed to have little or no knowledge about the blockchain, while in this year's study, when respondents were asked to evaluate their level of mastery of technology, the percentages are very high, although they change with the type of industry.

For example, the percentage of executives in the Oil and Gas area who claimed to be between the "excellent" and "expert" levels was 87%; in the food sector, the percentage was 86%; in Technology / Media / Telecom, 81%, while the lowest rating corresponded to the public sector, where 52% were located at the high level of technology.

In this way, the Blockchain technology is a database distributed among its participants, which is protected cryptographically and from which backups are made for each movement.

These copies can not be modified or eliminated by any of the participants. The fact that it is distributed among its participants makes the database decentralized, that is, none of them has control and the information is based on the consensus of the participants, an aspect that has made it attractive in the business world