As revealed by a newly released study from Deloitte, the amount of companies utilising blockchain has almost doubled, with the Asia-Pacific region leading the way with the most use cases.
Deloitte surveyed nearly 1,500 senior executives and practitioners from large companies in 14 countries, including the UK, Canada, the US, China, Singapore, Israel, and Germany. The firm found that large organisations are increasingly employing the technology, instead of regarding it as a “great potential”.
As seen by the graph above, some of the reasons executives responded positively was because they now see that DLT will eventually achieve mainstream adoption, that there are compelling business cases for it, and that if companies fail to use it, they will lose a competitive advantage. Interestingly, the percentage of people considering blockchain as overhyped technology has also increased compared to past results.
“Our survey reveals that companies continue to put hard-earned dollars into blockchain initiatives. For example, 82% of respondents said that they are hiring staff with blockchain expertise or plan to do so within the next 21 months (versus 73% last year.) APAC (China, Singapore, and Hong Kong) served as a leading region in hiring.” – reads the report.
Deloitte concluded that “while blockchain was once classified as a technological experiment, it now represents a true agent of change that is affecting entire organisations.”
It’s also worth noting that several prominent and large entities have already turned to DLT for facilitating and simplifying numerous operations. The massive American index fund management company, The Vanguard Group, completed the first phase of a blockchain pilot designed to digitise the issuance of asset-backed securities.
Another example came from the US newspaper, The New York Times. Its R&D team tested a DLT-based project attempting to tone down the increasing number of misleading images on the Internet.
Deloitte’s report reaffirms this trend, indicating that the percentage of respondents saying that their companies have already brought blockchain into production has risen from 23% in 2019 to 39%. The study determines that firms with higher revenues are more likely to deploy blockchain technology.
Utility By Region
In its surveys, Deloitte is trying to distinguish how different regions are viewing the technology by dividing them into the Asia Pacific, the European Union (including the UK), the US and Canada, and the Middle East & Africa.
As far as the EU goes, blockchain remains “a manner of priority, with different markets adopting distinctly positive, albeit different, approaches to the technology.” The same applies to the US and Canada, the report continues.
The United Arab Emirates is a leader on the matter in the Middle East with most real-life use cases.
“In the Asia Pacific region, we continue to see a strong belief in the strategic value of blockchain. Much as in our 2019 report, there is widespread recognition of blockchain as an important strategic pool,” the paper reads.
Part of the Asia Pacific growth could be attributed to the developments emerging in China. The most populated nation in the world has been openly adopting blockchain ever since President Xi Jinping urged for more investments in the technology in 2019.