Breaking blockchain open... Deloitte’s new global survey of more than 1,000 global blockchain-savvy executives from seven countries and nine industries is a leading indicator of where blockchain is headed.

While not quite ready for primetime yet, blockchain is getting closer to its breakout moment with every passing day.

Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications. It just may not be happening when and where we expected.

The global executives with excellent-to-expert knowledge of the technology we surveyed hold more pragmatic views and look poised to make some major moves over the next year. They see great value in blockchain’s potential to reinvent processes across the business value chain—and there is interest and investment in a wide range of use cases.

For example, 74 percent of all respondents report that their organizations see a “compelling business case” for the use of blockchain—and many of these companies are moving forward with the technology. About half of that number (34 percent) say their company already has some blockchain system in production, while another 41 percent of respondents say they expect their organizations to deploy a blockchain application within the next 12 months. In addition, nearly 40 percent of respondents reported that their organization will invest $5 million or more in blockchain technology in the coming year.

As more organizations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations...

Source: Deloitte | Audit, Consulting, Financial, Risk Management, Tax Services.