Blockchain is here. It’s breaking open. It’s poised to escape the worst excesses of the so-called “hype cycle.”
This isn’t breathless marketing hype but the assessments of Deloitte, Gartner and PricewaterhouseCoopers (PwC), each of which recently released research on blockchain and its future. The findings of the three consulting firms portray a mixed bag of obstacles and opportunities but are clear on one point: Businesses are continuing to adopt the technology.
Despite the growth in the blockchain sector, many obstacles remain to wider adoption, according to recent research.
“Everyone is talking about blockchain, and no one wants to be left behind,” states the introduction to PwC’s Global Blockchain Survey 2018, which found 84 percent of respondents saying their companies have “at least some involvement” with the technology.
Continued Growth
Although there’s widespread involvement with blockchain technology, live systems remain the exception and not the rule. According to the PwC survey, only 15 percent of respondents reported live blockchain systems in production. A majority (52 percent) are either in the research or development phases while 10 percent are piloting blockchain technology. Interestingly, 7 percent have “paused” blockchain initiatives at different stages of adoption, the report said.
Overall, though, “momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications,” says the introduction to Deloitte’s 2018 global blockchain survey.
More of the Deloitte survey respondents (34 percent) reported having a blockchain system in production, with nearly 40 percent saying their organizations planned to invest $5 million or more in the technology in the coming year. However, Deloitte says adoption is “rolling out in a more moderated fashion than expected,” noting the distinction between “digital enterprises” and more traditional companies, which the report says are “still working on how to incorporate digital into their existing operations and protocols.”
Both PwC’s and Deloitte’s surveys say the financial services sector leads the way in adoption by large margins, followed by other familiar industries including industrial products and manufacturing, energy and utilities, health care, media, government, and entertainment.
“New industry and territory leaders are emerging,” PwC’s summary says, with the other sectors moving quickly to catch up.
