Deloitte, the professional services firm have recently carried out a project which was designed to see how large companies feel about blockchain technology. This is important for both the blockchain revolution and of course, for cryptocurrencies too. If large institutions are happy to work with blockchain technology, they are more likely to understand cryptocurrency and thus, are more likely to help initiate that large scale institutional investment that we need to really inspire the markets.
According to Cryptovest, 74% of the companies approached, all of whom have a revenue of over $500 Billion per year see inherent advantages in implementing blockchain technology. Those in favour of blockchain technology also confirmed that they are either planning to, or will be, implementing blockchain projects in the near future.
As a matter of fact, of the surveyed companies, 34% of those already have a blockchain system in production and 41% believe their company will have deployed a blockchain based system in the next 12 months.
According to Cryptovest:
“When it comes to adoption by industry, 23% of the respondents said that blockchain was implemented in financial services, while 18% revealed that the technology was used in technology, media, and telecommunications sectors. An overwhelming 84% of the respondents said that blockchain was more secure than traditional IT systems, with just 8% stating that it was less secure, and 8% being unsure.”
“The majority of executives, 78%, are sure that not implementing the emerging technology would reduce their competitiveness. However, a third of the respondents see several obstacles embracing blockchain, saying that their return on investment (ROI) related to DLT is still uncertain. Other barriers refer to regulatory issues, security threats, and lack of understanding or skills.”
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As a result of these findings, Deloitte are alleged to now be encouraging their own clients to put funding into exploring blockchain technologies. According to Cryptovest, Deloitte have said:
“The only real mistake we believe organizations can make regarding blockchain right now is to do nothing. Even without a completely solid business case to implement, we believe that organizations should at the very least, keep an eye on blockchain so that they can take advantage of opportunities when they present themselves.”
This is a very exciting report. As mentioned, this indicates that companies will be inspiring large institutional investment in the near future. This is the investment that many think will push the cryptocurrency markets over the edge and will in turn encourage the markets the spike. Moreover, adoption of blockchain technology by large companies, will encourage rivals and smaller companies to do the same thing. If Deloittes findings are accurate, we could see some incredible changes take place within this industry in 12-months time.