Deloitte describes blockchain as ‘profoundly disruptive technology’ in new report

on Jan 18, 2019
Updated: Jun 14, 2024

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Blockchain technology is poised to be an important part of the digital future, according to a new report from major audit and consulting firm Deloitte.

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As reported by industry website Cointelegraph, Deloitte’s Tech Trends 2019 report, which was published on January 16, describes advanced networking as “the unsung hero of our digital future” and cites blockchain as part of it. According to the study, blockchain is among the technologies whose importance is growing rapidly. The report highlights a projection by International Data Corporation (IDC), which last year forecast that worldwide spending on blockchain solutions will reach $9.7 billion in 2021.

Highlighting blockchain’s growth in recent years, the authors of the report note that the fact that the technology “capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies”.

“Today, blockchain is to trust what the web was to communication: a profoundly disruptive technology that transforms not only business but the way humans transact and engage,” the report also reads.

In the next few years, the researchers expect to expect to see blockchain breakthroughs “in gateways, integration layers and common standards”, as well as proof-of stake algorithms.

In a previous study, published in October, 2018, Deloitte identified “five vectors” of progress that could help blockchain to overcome the existing barriers to the technology’s adoptions. According to that study, these vectors are: increasing transaction speeds and performance; enhancing standards and interoperability; reducing complexity and cost; regulatory support and expansion of consortia. The first three of these vectors would help enhance the technical feasibility of blockchain while the other two help broaden the technology’s applicability to a greater number of use cases and industries.

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