The results of a recent survey conducted by Deloitte have revealed that roughly 40 percent of executives in the telecom, media, and technology industries are interested in investing millions in blockchain research over the course of the next year.
The survey, published on Tuesday, gathered results from more than 1,050 executives spread across seven countries. 180 of the executives came from firms within the telecom, media, and technology sectors.
— Deloitte Technology (@DeloitteOnTech) August 27, 2018
From Speculation to Utilisation
The findings of the survey revealed a shift in the blockchain industry from speculation to utilisation: “While blockchain is not quite ready for prime time, it is getting closer to its breakout moment every day,” wrote the report’s authors, David Schatsky, Linda Pawczuk, and Rob Massey.
Of the individuals surveyed, 59 percent said that they think that it’s possible for blockchain to disrupt their industry; 29 percent have already joined a ‘blockchain consortium’.
Perhaps most significantly, 84 percent of respondents said that they “believe that blockchain will broadly scale and reach mainstream adoption.” 34 percent said that their own companies already have some sort of blockchain endeavor underway, and an additional 41 percent said that their companies have plans to launch a blockchain project.
39% Say Blockchain is ‘Over-hyped’
The survey wasn’t all sunshine and roses. ”Despite enterprise digital respondents’ interest in blockchain’s capabilities, nearly 39 percent of the broad global sample said they believe blockchain is ‘over-hyped,’” the survey said. In the US, the number was higher–44 percent of US participants said that blockchain was over-hyped, up ten percent since 2016.
The survey’s authors speculated that continuing volatility in token prices may have been one of the major reasons for skepticism surrounding blockchain technology. However, given the general enthusiasm toward blockchain that the survey revealed, the skepticism could be evidence of a pragmatic shift in the perception of how blockchain can be used.