A recent Survey by Deloitte was published, which examined the current status of Blockchain technology in the corporate world among more than 1,000 blockchain experienced executives worldwide. It became clear that although Blockchain has not yet reached the business world in its entirety, the breakthrough of the technology is imminent.
More and more companies are shifting their business practices away from the blockchain as a hypothesis and towards using the potential of technology for practical application in their own business models.
The technology is therefore at a turning point. The “blockchain tourism”, as Deloitte so aptly describes it, is slowly coming to an end and research into the potential of a completely new and more dynamic technology is coming to the fore. Young digital companies in particular find it easier to integrate the blockchain into their processes, but traditional or analogue industries use a lot of resources to keep up with their digital competitors.
Rethinking in the companies
Every technology takes a little time to break through. Often the process that goes on around the blockchain is reminiscent of the early days of the Internet. Like the web back then, the technology is currently looking at a solid base outside the early users. It has more to offer than Bitcoin and Co and can make life easier for the end user in many areas.
Deloitte therefore believes that within the next two to three years an industry standard for companies in the areas of finance, technology and healthcare will develop, which the blockchain will help to break through. Where companies researched the potential of Blockchain a few months ago for streamlining or substituting business processes, they are now beginning to develop concrete applications for the use of the technology.
Blockchain in the business model
Deloitte’s study showed that despite intensive reporting and conference activity, many corporate executives still do not see the technology as a fundamental change in their business. This is clear from the fact that a majority (74 percent) of the entrepreneurs surveyed said that their companies see a “convincing business case” for the use of blockchain technology, but only 34 percent said that their company has initiated the use of this business case in some way.
To make matters worse, more than 41 percent of those surveyed say that they expect their companies to introduce blockchain into production within the next year, but the implementation of these plans has often failed, the survey shows.
Emerging Disruptors” are one type of company that took on a pioneering role. Start-ups and younger, often digital, companies are able to adapt more quickly to the new technology and see its advantages in integration into existing business models. These companies are often able to apply blockchain technologies in a way that is truly part of their business model, rather than just complementing it as traditional companies often do.
Established companies, on the other hand, find it difficult to cope with the basics of digital transformation and are therefore often confronted with a large number of inherited burdens. The introduction of blockchain technology is therefore often only a supplement to an existing business model, which often limits the functionality of innovative applications.
In summary, the study clearly states that any organization that wants to operate in the blockchain area must have the courage to completely rethink and not just half-heartedly adapt the technology. Nevertheless, the step is necessary, because a revolution is imminent with the Blockchain. In short, the only real mistake Deloitte believes organizations can make about Blockchain right now is to do nothing.