More companies use the blockchain, a recent study by the multinational professional services network Deloitte revealed.
Interestingly, the Asia-Pacific region seems to be at the forefront of the use of distributed ledger (DLT) technology.
Deloitte surveys nearly 1,500 senior executives and practitioners from major companies in 14 countries, including Canada, the United Kingdom, the United States, Singapore, Israel, China and Germany. In its third annual survey, the company found that large organizations increasingly prefer to use technology instead of seeing it as “great potential.”
As seen in the chart above, many more managers responded that DLT would eventually achieve mass acceptance, that it had compelling benefits for businesses, and that if companies failed to use it, they would lose a competitive advantage. Interestingly, the percentage of people who consider blockchain to be an overpriced technology has also increased compared to previous results.
“Our study reveals that companies continue to invest hard-earned dollars in blockchain initiatives. For example, 82% of respondents say they hire staff with blockchain experience or plan to do so within the next 21 months (up from 73% last year.) APAC (China, Singapore and Hong Kong) serves as a leading hiring region. [in similar positions]. “- reads the report.
As a result, Deloitte concluded that “while the blockchain was once classified as a technology experiment, it is now a true agent of change that affects entire organizations.”
Using a blockchain
It is also worth noting that several prominent and large organizations have already turned to DLT to facilitate and simplify some operations.
As recently reported, the large US index fund management company, Vanguard Group, has completed the first phase of a pilot blockchain project designed to digitize the issuance of asset-backed securities.
Another example comes from the American newspaper, The New York Times. His research and development team is testing a DLT-based project that seeks to reduce the growing number of misleading images on the Internet.
The Deloitte report confirms this trend. It states that the percentage of respondents who say that their companies have already introduced blockchain in production has increased from 23% in 2019 to 39%. The study found that companies with higher revenues use more blockchain.
Regions for DLT use
In their research, Deloitte seeks to distinguish how different regions view the technology, dividing them into the Asia-Pacific region, the European Union (including the United Kingdom), the United States and Canada, and the Middle East.
As far as the EU is concerned, the blockchain remains a “priority, with different markets taking clearly positive, albeit different, approaches to technology” . The same goes for the United States and Canada, the report continued. The
United Arab Emirates is a leader in the field in the Middle East with most real uses.
“In the Asia-Pacific region, we continue to see a strong belief in the strategic value of the blockchain.”
Part of the growth in the Asia-Pacific region may be due to developments in China. The world’s most populous nation has openly accepted the blockchain since President Xi Jinping called for more investment in technology in 2019.