Semiconductor Industry Takes Lead in Blockchain Adoption
Already top global firms have partnered with blockchain startups.
Why Semiconductor Sectors In Warming Up To Blockchain
A study commissioned by Accenture has revealed how the blockchain sector has been adopted across different sectors. Accenture is a renowned professional services company. According to the study, the semiconductor sector is leading in terms of adoption.
The researcher interviewed senior officials from companies that have recorded annual revenues of about $500 million. It emerged that 88% of executives from semiconductor firms are sure that they will integrate the blockchain in their operations within the next 36 months.
The officials cited a number of benefits that come with blockchain. They pointed out security, immutability and decentralization features as appealing to the semiconductor industry. The study revealed that these features are key to reducing operation cost, promoting partnerships and enhancing the efficiency of the entire system.
Accenture official Syed Alam pointed out that deploying blockchain could reduce the time taken during supply chain and launching new technologies.
Alam said the industry is complicated and using blockchain can be key in simplifying operations by leveraging the chips in semiconductors. The high traceability rate can fasten the delivery of new products in the market.
In the semiconductor industry, blockchain can also be utilized by establishing and managing technological partnerships while at the same revolutionizing payments.
The study also looked at other industries, that are taking a step forward in deploying the blockchain technology. The study looked at aerospace, industrial equipment, life sciences, and communications.
Notable Blockchain Partnerships
Under aerospace, about 86% of the bosses appeared to be bullishness when it comes to integrating blockchain into their systems. Life sciences, retail and industrial equipment industries were at 85% in bullishness towards adopting the blockchain. Other sectors such as Insurance showed a bullishness of 82%. Communication and chemical industries tied at 81%.
Media reports had early highlighted sectors that were looking at the blockchain system and find ways of rolling out. Recently, e-commerce giant Alibaba caught many unaware after it emerged that the firm had filed about 10% of blockchain patent across the globe. Also, Germany based automobile firm BMW signed a deal with a blockchain company with the aim of finding solutions for clients.