US Stagnates in Blockchain Adoption, New Deloitte Survey Reveals
Results of the 2018 Blockchain Survey have been released by Deloitte. Notable highlights from the survey indicate that 84% of global firms hold the view that mainstream blockchain adoption will happen soon. However, regulations were singled out as a major inhibitor.
During the study, Deloitte sampled over 1000 firms from Europe, America and Asia. All the firms were from diverse industries with financial services taking the big chunk. Deloitte indicated that the participants in the survey held the C-level position.
It further emerged that the US had been dethroned as the number one blockchain industry. Compared to other countries, the US’s blockchain deployment was low. The US had 14% while China and Mexico stood at 50%.
On the metric of hiring talent, Mexico recorded the least points with 24%. China emerged top in employment with a whopping 86%.
Unlike the US, neighbouring Canada is on an upward trajectory since the blockchain technology was rapidly growing. Innovations and investments are being witnessed in Canada at a higher rate. Analysts explain that the upward surge will continue. Canada's consistently updated regulations have been cited as a major reason for the growth. The regulations are up to date with happenings in the crypto world. A majority of respondents in Canada said they are not bothered by regulation.
It also emerged that the integration of blockchain in the financial sector is being outperformed by other industries. Despite being a pioneer, financial services, automotive, tech, and telecom sectors are integrating blockchain at a rapid rate. Addressing the stagnation, respondents pointed out that scalability was to blame.
About 84% of the respondents said that systems backed by blockchain are more secure despite security being a major concern. Notably, oil firm said that blockchain deploys basically a database for money for the financial industry.
Over the years, top bosses in the financial industry, have been vocal in finding avenues where blockchain can be deployed to better operations that have been stagnant over a long period of time.
In conclusion, the survey concluded that developers are now past the learning phase and seeking ways of blockchain-backed applications for businesses. Top executives who were interviewed said that in the coming years' great developments will be unveiled as the technology spreads.
The study further suggested that as the technology grows, it is time to find ways of evolving blockchain. Signs of evolving the technology are all over since companies are making dramatic advances in terms of blockchain deployment.