Deloitte: Nearly 40% of surveyed firms have implemented blockchain, but barriers remain for greater adoption

Quick Take

  • Blockchain adoption has substantially increased this year, according to a Deloitte survey
  • Nearly 40% of surveyed companies have already implemented blockchain tech as compared to 23% last year
  • But challenges remain for greater adoption, per the survey 

Nearly 40% of companies surveyed by Deloitte have already implemented blockchain technology to improve their processes, but challenges remain for greater adoption.

Deloitte surveyed around 1,500 senior executives across 14 countries and found that more companies have put money and resources on blockchain this year as compared to last year. In 2019, 23% of respondents said they had incorporated blockchain. This year’s figure (39%) is a “substantial jump”, said the “Big Four” consulting giant.

“While blockchain was once classified as a technology experiment, it now represents a true agent of change that is,” said Deloitte. Blockchain has “evolved" and is now “solidly entrenched in the strategic thinking of organizations across industries,” according to Deloitte’s global and U.S. blockchain leader Linda Pawczuk.

Source: Deloitte’s 2020 Global Blockchain Survey

Given the tech's potential, blockchain is now one of the top five strategic priorities for most organizations (55%), according to the survey. That’s a slight increase from 53% in 2019 and 43% in 2018.

Top five use cases that are an area of focus for surveyed companies are digital currencies, data access/sharing, data reconciliation, identity protection and payments.

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As more respondents look to explore blockchain applications, 82% of them are hiring staff with blockchain expertise or plan to do so within the next 12 months (last year that figure was 73%). Further, this year, 83% of respondents indicated their companies would lose competitive advantage if they don't adopt blockchain (versus 77% in 2019).