A report released by Deloitte (Global Blockchain Research 2019) shows that companies other than fintechs are using or thinking about using blockchain technology in their businesses. The document makes a comparison with the previous year and shows that the adoption of blockchain is no longer restricted to financial services and, more specifically, to the financial technology sector (fintech).
Although fintechs continue to be leaders in the use of this technology, organizations from various sectors – such as technology, media, telecommunications, health life sciences and government – are expanding and diversifying their initiatives with the blockchain technology.
These companies are willing to invest US$ 5 million or more in new blockchain initiatives over the next 12 months, a figure 40% higher than in 2018. At the same time, 53% of respondents said blockchain technology became a priority for their organizations in 2019, an increase of 10% over the previous year.
“We believe that executives should no longer ask a single question about blockchain, but instead a broad set of questions that reflect the role that blockchain can play within their organizations”.
Relevance of blockchain beyond fintechs
For Deloitte, blockchain maturation is expected to continue as total investment increases or at least remains at current levels. Further supporting this point of view reflects the confidence of almost 60% of the interviewees to the long-term potential of blockchain due to the implementation of new solutions.
The interest in the new technology is described in the positioning of Deloitte’s blockchain consultant Linda Pawczuk. “We believe that executives should no longer ask a single question about blockchain, but instead a broad set of questions that reflect the role that blockchain can play within their organizations”, the executive said.
In any case, despite all interest, the study shows a certain caution in the use of the technology. Even though respondents are increasingly interested in blockchain, executives have shown they are taking a more practical stance on innovations and changes the technology can present to their businesses and work systems.