Deloitte says 74% of big firms believe there is “compelling business case” for blockchain

Chinese companies appear more bullish on the technology, according to a new survey

Deloitte says 74% of big firms believe there is “compelling business case” for blockchain

Seventy-four percent of big companies see a “compelling business case” for blockchain technology, industry website Coindesk has reported, citing a new survey, conducted by major auditing firm Deloitte.

The survey, which was shown on Tuesday at Coindesk’s Consensus event in New York, was conducted among roughly 1,000 representatives of companies with annual sales of at least $500 million, based in the US, China, the UK, France, Germany, Canada and Mexico. The companies represented a range of industries, including financial services, technology, media and telecommunications, consumer products and healthcare.

The results of the survey showed that roughly half of the participants who saw a compelling case for blockchain, or 34% of the total, said that their companies already had some sort of blockchain system in production. A further 41% said that they aimed to launch a blockchain application within the next year.

Not everyone was so enthusiastic about the technology, however, as 39% of respondents described it as “overhyped”. Some 44% of those were representatives of US companies, which appeared more hesitant about investing in blockchain than their counterparts in other countries, Coindesk notes. About 16% of large American firms answered that they did not plan to invest in blockchain within the next year. This is in stark contrast with China, where zero firms said they would not invest in the technology in that period. That percentage was 3% for UK firms.

Interestingly, the survey showed that at least a few companies that see a compelling business case for blockchain, but at the same time think that the technology is overhyped.

The survey also found that companies had different views on what is blockchain – 52% of respondents said their firms were focusing on permissioned models, 44% on private models internal to their own companies and 44% on public models. The respondents were allowed to select more than one answer to that question.

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