53% of execs see blockchain as a top-5 strategic priority, Deloitte survey finds

Mackenzie Garrity - Print  | 

Blockchain's position as a top-five strategic priority for business executives is becoming more established, with 53 percent of executives identifying it as a priority. This is up from 43 percent in 2018, according to a Deloitte survey.

The consulting company polled 1,386 senior executives across the country between Feb.  8 and March 4 to gauge opinions and applications of blockchain.

Results showed that the financial technology sector is the leader in blockchain adoption; however, other sectors, such as technology, media and healthcare, are diversifying their blockchain projects.

Around 27 percent of survey respondents indicated blockchain was important but isn't a top-priority, and 14 percent said blockchain will have some time of relevance but is not a strategic initiative.

Most executives (86 percent) said blockchain technology is broadly scalable and will eventually achieve mainstream adoption. Similarly, 83 percent responded that their executive team believes there is a compelling business case for blockchain.

Companies are making changes to their infrastructure because of the introduction of blockchain. Eighty-one percent said they are planning to replace current systems of record, and 77 percent said they will lose a competitive advantage if they don't adopt blockchain technology.

As for blockchain being overhyped, nearly half (43 percent) said yes.

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