Many enterprises see blockchain as a component in securing their corporate data, according to the latest annual survey of the technology by Deloitte Consulting.

Seventy-one percent of enterprise organisations said they believe that blockchain provides greater security than conventional information technology solutions, while 48 percent of “emerging disruptors” share that view. Enterprise executives cited blockchain’s trust and security benefits as key factors in their adoption of the technology, says the report.

Deloitte polled a sample of 1,386 senior executives in enterprises in a dozen countries (the UK, US, Canada, Brazil, China, Germany, Hong Kong, Israel, Luxembourg, Singapore, Switzerland, and the United Arab Emirates), and also surveyed decision-makers in a group of 31 companies that are using blockchain to disrupt different business sectors.

Overall, 83 percent of respondents said that their organisations now see compelling use cases for blockchain, with more than half (53 percent) reporting that blockchain is a “critical priority” – a ten percent year on year increase from Deloitte’s previous report.

While adoption continues to increase in financial services, blockchain is gaining momentum in other sectors too, including technology, life sciences, media, telecommunications and government, says the report.

However, the sense that it remains a technology in search of a solution is underscored by Deloitte’s analysts – perhaps unintentionally. The report says that decision-makers now seem “less concerned about whether the technology will work and have begun to focus on what business models it might disrupt”.

This is another way of saying, “Nice technology, what can we use it for?”, rather than “We have a problem: which technology will fix it?” and suggests that IT strategists are focusing too much on the technology and too little on supporting the business.

“We believe executives should no longer ask a single question about blockchain but, rather, a broad set of questions reflecting the role blockchain can play within their organisations,” said Deloitte Consulting principal Linda Pawczuk, consulting leader for blockchain and cryptocurrency.

More organisations across a wider variety of sectors are expanding and diversifying their blockchain initiatives, continues the report. “This is occurring even as uncertainty remains about having the talent, strategic vision, and experience to adopt blockchain solutions and fully realise the technology’s benefits.”

 

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