Deloitte is a consulting and auditing services company, the first worldwide in terms of revenue and number of professionals involved.
The company is one of the world’s most prestigious companies of its field and is part of the so-called Big Four, the four largest audit firms, together with Pricewaterhouse Coopers, EY and KPMG. In addition to auditing, the company is also renowned for its marked penchant for IT consulting. Like the other big fours, in fact, part of its core business is based on the delivery of services such as the supply of Nortonian IT applications, processing of management commands, management of cyber risk security standards and much more.
Deloitte has over 244,400 employees in over 150 different countries in the different sectors in which it operates: Audit, Tax, Consulting and Financial Advisory.
The analysis conducted by the company in order to verify the factual situation related to the world of blockchain has led to very interesting data as well as strong conclusions.
More than 1000 executives were interviewed, with companies in Canada, China, France, Germany, Mexico, the United Kingdom and the United States. All of them were from companies or organizations that exceeded $500 million in revenue per year.
The survey was commissioned between March and April 2018 to verify the attitudes and investments in the blockchain.
The survey through the eyes of Deepit
The foundations have been laid for something that is not yet fully understood. The specificities of this field will bring a breath of fresh air to the global economy and to all those who’ll know how to seize its opportunities.
The drive to reform the financial system remains strong and there is a lively search for practical use cases that can exploit the potential of this technology.
While the majority of respondents active in the blockchain ecosystem (74%) stated that they were confident about the project they are working on, only 41% indicated that they were positive about bringing the proposal to market within the next year. The continuous evolution of the industry and its underlying technologies poses increasingly interesting challenges and tends to shift the time to market of the most ambitious projects.A large sample, 21% global compared to a 30% in the U.S., however, noticed a lack in the ability to reach the general public. Thanks to these essential data, it is very clear that there is a need for training and for a correct communication of the phenomenon which, given its complexity, currently requires some comprehension efforts.
Adoption, therefore, remains the step that will lead us to the success of the work that has been done so far, the radical changes in the operations that this technology brings about are not easy to apply. The new governance, organisation, regulations and IT audits are all subjects that require time to be digested and to make their value understood. Once these practices are established, the technological tools developed to date will open up to the masses.
The survey has pointed out that the situation with early adopters is comparable to that with Internet users in the early 1990s. Use cases are being discovered month by month and a third of the sample has already achieved tangible results and functional products, while a 41% expects to do so in the next year. The opportunities therefore seem to be numerous and the time is ripe to be active participants in this changing process.
Respondents from a variety of sectors showed great interest in the subject of the survey itself. Almost 39% of the global sample, however, stated that the perception of the blockchain is overhyped. In the United States, this number is higher and reaches as much as 44%. This perception seems to be driven by the exponential growth in currency values observed over the past 18 months.
The current trend for those who have invested in companies in the blockchain field is to join a consortium. About 29% of respondents are already part of one and 45% of the rest would like to do so within a year.
Despite the difficulties in agreeing on these levels of scale, Deloitte has stressed the importance of these collaborations which, if successful, will bring traction to the whole market.
It should be remembered that Deloitte has only been considering legacy-constrained companies for its study, i.e. those companies that are not singled out as emerging disruptors; therefore, those that tend to be unclassifiable and escape the traditional categorization structures (because they are extremely groundbreaking) have been excluded. Consequently, it is clear that there is a lack of representation of that movement that draws a new generation of users (a new asset class) as it is not visible in a survey based on pre-existing categories. In this sense, it is true that the research has lost an important piece of the whole story.
From Asia to Canada via Europe, the survey has shown advantages and disadvantages of the global attitudes towards this phenomenon.
The data presented in the survey provide percentages in favour of the development and the need to move towards a new approach. It is clear that the obtuseness and resistance of those who represent a more rigid and conservative thinking act as a brake on the momentum towards change, especially within the government apparatus, which is typically more resistant to disintermediation and which, as we know all too well, lessens the power of politicians and officials.
For a large majority of respondents, future strategies related to this technology are absolutely a priority and necessary.
Whether it is financial systems or the world of telecommunications, the science industry or public services, attention towards this industry has increased and investments will tend to grow. The benefits of transparency, disintermediation and efficiency, combined with the possibility of exploiting a distributed and programmable registry, affect a great many aspects of human relations and, consequently, of many economic sectors.
New business models or the upgrading of old ones will owe their success to the ability of such an emerging technology to scale.
There is a high level of awareness on the part of those with government jobs, with 46% of respondents agreeing that the blockchain will radically change internal practices within their organisations.
Ultimately, the sample as a whole has tended to express itself positively towards the new and significant economic investments in the world of Blockchain.
Given the different nature and size of the respondents, it is expected that next year these investments will exceed $5 million for each company connected to the survey.
Respondents also pointed out that failure by their own companies to embrace this technology could lead to substantial losses to the competition.
Adoption, scalability and security are the challenges we are facing.
For those of us who have been working in this industry for a few years now, it seems that the world is well aware of the nature of this revolution. However, this survey makes us understand that there is still lots to do.
There are still many possibilities and opportunities for those companies and people that will have the ability to look beyond the limits of their own horizons.
Author: Lorenzo Dalvit, Marketing & Communication Director @Deepit AG