Blockchain technology has been around for just over a decade, during which it has already made a global impact, and is on its way into the mainstream. The Deloitte audit firm recently released the results of a survey in which it discovered that 39 percent of major global companies are working on blockchain developments.
Deloitte surveyed between February 6 and March 3 this year, with feedback coming from 1,488 senior executives of major companies from 14 countries. 39% of the executives revealed that they have already started integrating blockchain into their operations. This represents a 15% bump from the number of companies that embraced blockchain technology as per a previous survey in 2019.
The number of companies embracing blockchain is even higher at 41% when the list includes companies that generate more than $100 million in annual revenue. Deloitte’s survey evaluated companies in major countries, including Germany, Mexico, Canada Singapore, Israel, Ireland, Switzerland, South Africa, Brazil, Hong Kong, China, UAE, the UK, and the U.S.
Major companies are starting to see the potential that blockchain has to offer
Deloitte also revealed that the executives whose businesses have been shifting towards blockchain demonstrated a significant understanding of the technology. This includes an understanding of decentralized ledger technology and cryptocurrencies. The audit firm also revealed that most of the companies that are involving themselves with blockchain technology have prioritized it as a tool for improving their business. Most of them also believe that cryptocurrencies will be of huge significance in the future.
“Eighty-nine percent of the respondents stated that digital assets could be of great importance to the underlying industries over the next three years,” Deloitte revealed.
Deloitte also revealed that 82 percent of the executives in companies working on blockchain said they plan to hire individuals with blockchain expertise in the next few years. 83% of the companies believe that failure to adopt the technology will rob them of competitive advantage.
The findings from the Deloitte survey is great news for the blockchain community. It means that major companies are increasingly becoming aware of blockchain’s potential. It also means that the rate of adoption will likely increase, especially due to the fear of missing out or fear of losing a competitive advantage.