Executive Gives Their View On Blockchain Hype In New Study
A study commissioned by Deloitte has given an insight into the view of blockchain by American executives. According to the study, 44 percent of executives hold the view that the technology is overhyped.
The survey indicates that corporate world leaders are beginning to warm up to the technology. They believe the technology might act as a cure for the industry. Over 1000 blockchain friendly executives from North America, Europe and Asia were interviewed.
From the data collected, 39 percent of the executives' believe blockchain is receiving too much hype. In the US, 44% of respondents hold the same view which is an increase from 34 percent in 2016.
According to Deloitte, despite the widespread adoption of blockchain, users still remain low. It emerged that the capability of blockchain might have been overemphasized hence leading to fatigue.
Generally, many firms are not sure whether adopting blockchain will work or not. They believe blockchain might introduce something new despite the fact that we have an already established system. The executives noted that investment in the technology is uncertain up to date. About 34% of the respondents said that their firms had begun plans to integrate the technology in their systems.
Analysts from the firm noted that with the results, blockchain might be facing a dark future. Additionally, the analysts stated that blockchain adoption is more advanced in the US.
Important to note is that the 2016 report indicated that there was too much hype around the technology. In the 2018 report, Deloitte notes that some analysts believe that the hype is behind volatility in the financial sector. The volatility is blamed on crypto traders who are allegedly trying to make blockchain a mainstream thing.
The hype might not be ending soon considering that about 40% of bosses are set to pump $5 million in the technology by 2019.