Author: Jagdish Kumar, India
Global consultancy and research firm, Deloitte Consulting survey have revealed that over 39% of respondent believes that Blockchain is over hyped.
The consulting company has done a survey in seven countries involving 1053 senior executives in Canada, China, France, Germany, Mexico, United Kingdom, and the United States at companies with $500 million or more in annual revenue.
This perception that may be driven by the steep increase in token values over the last 18 months, and survey members conflating Blockchain with the incentive layer of public Blockchains, namely tokens, the consultancy firm said.
Deloitte said, “Because we are still early in Blockchain’s development, these fits and starts in its maturation are not surprising. While executives in the financial services sector, for example, are leading the way in using Blockchain to re-examine processes and functions that have remained static for decades, their counterparts in other sectors remain more reserved as they work to develop appropriate use cases for Blockchain.
At the same time, there are a growing number of emerging disruptors across each sector, challenging traditional business models with the use of Blockchain, the survey underlined.
The survey was conducted online between March 26 and April 5, 2018.
In the United States, 44% of respondents believed that Blockchain as overhyped, up from 34% found in a 2016 survey by Deloitte.
Of the 1053 respondents, 284 were from the United States, 205 respondents from China, 150 respondents from the UK, 132 respondents from Germany, 103 respondents each from Canada and Mexico and 76 respondents from France.
The survey also found that the Us companies are lagging behind, when it comes to Blockchain implementation, as only 14% of US respondents said Blockchain was already in production in their organization, compared to nearly 50% in some other countries, including China and Mexico.
The European Commission has supported the signing of a 27-country pact on Blockchain, the European Blockchain Partnership, and allocated $343 million in Blockchain investment over the next three years.
Whereas, in the Middle East, the United Arab Emirates has developed a visionary strategy for Blockchain with the intent of having 50% of government transactions on Blockchain by 2021.