What is the future of blockchain? According to top executives

Top executive on a blockchain project

Executives think blockchain will disrupt how transactions work; however, it is necessary it connects with other technologies such as artificial intelligence or cloud services.

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A survey revealed what executives around the world think about blockchain. Although they do not yet explore all the benefits that this technology can offer their companies, they are beginning to understand its potential.

One of the world's leading audit, accounting, and financial advisory firms, Deloitte, surveyed more than a thousand executives from countries such as China, the United States, Mexico, the United Kingdom and Germany. In general, companies think blockchain will disrupt how transactions work; however, it is necessary it connects with other technologies such as artificial intelligence or cloud services, in addition to instilling research in areas in which it can generate benefits.

What do senior executives think about blockchain?

  • 84 percent believe this technology is widely scalable and with time it will be able to play a preponderant role in companies. 69 percent plan to replace some of their current systems (for example, financial books, CRM modules or inventory systems) with blockchain. On the contrary, 34 percent think that their impact is overestimated.
  • More than 60 percent believe it will transform the automotive industry, oil and gas industries, life sciences and financial services.
  • Only 16 percent think that this technology will reduce costs; however, 32 percent believe that it will speed up existing systems.
  • 84 percent believe that blockchain is safer than the current IT systems.
  • 74 percent plan to join a blockchain consortium to keep abreast of technological trends, in addition to knowing what competitors do and preparing to implement this technology.

In Mexico 49 percent of the executives responded that they currently have projects based on this technology, while 46 percent state that next year they will implement it in their processes —results similar to those of China whose directives responded 49% and 42% respectively). On the contrary, the United States has a more skeptical stance, and only 14 percent of its executives state that it is currently used and 24 percent plan to do so the following year.

Although we keep reading that blockchain is going to disrupt transactions around the world, the reality is that very few companies have ventured to transform their processes. Executives think there are not many projects that justify the effort of implementing this technology in any of its services.

Experts point out that it is critical to invest in this technology, in addition to encouraging research and experimentation of its multiple uses.