Blockchain technology has increased in popularity during the last 18 months, mainly due to the unparalleled cryptocurrency rally at the end of 2017. A new study casts light on how industry executives see themselves in relation to experts amid this emerging tech.
“Excellent” to “Expert”
According to Deloitte’s 2018 Blockchain Survey, over 70 percent of the executives who took part see themselves as either “Excellent,” or as “Experts,” when it comes to blockchain.
The survey was held amid 1,053 senior executives in seven different countries – Canada, China, Germany, France, Mexico, United Kingdom, and the United States. All of the responders worked at companies generating $500 million or more in annual revenue.
The fairly nascent technology seems to pose no challenges to high ranking company officials in a range of industries such as oil & gas, food, technology, media, telecommunications, consumer products & manufacturing, automotive, healthcare, financial services, and even life sciences.
Answers Worthy of an “Expert”
32 percent of the surveyed said that greater speed is blockchain’s biggest advantage of their respective industries. 28 percent said that blockchain can bring new business models and revenue sources.
Only 21 percent of the responders recognized improved security and lowered risks as a key benefit of distributed ledger technologies versus existing solutions. Transparency, verifiability, immutability – all of these were left out. 2 percent of the responders went on to state that they see no benefits of blockchain technology over existing solutions.
It’s worth noting that this is a technology which was brought forward less than 10 years ago. According to Bobby Lee, co-founder of YourBTCC, however, most projects involving Blockchain are simple databases.
Bitcoin’s real Blockchain was only invented in 2009. Everyone using a digital ledger is calling it Blockchain, (without) regards to functionality. Complete intellectual dishonesty!
He also added that:
All data going into the Blockchain needs to be independently & publicly verifiable, and thus insertable by anyone.
Do you think that Deloitte’s survey accurately reflects blockchain technology understanding among executives? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock.
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