KPMG recently released their ‘2019 Technology Industry Innovation’ survey — with results favorable towards the adoption of blockchain for business. 41% responded that it is “very likely/likely” that their company will implement blockchain technology in the next three years. As well, 48% of respondents indicated that blockchain will likely change the way their company does business in the next 3 years.
The survey is compiled of results from more than 740 global leaders in the technology industry across 12 countries, with 76% of respondents C-level executives. Thought leaders in the blockchain space give their expert commentary below.
Blockchain technology will eventually provide a foundation for the most secure data transfer in the long term, and enterprises are rapidly understanding the significant benefits it has to offer. In addition to a maturing technology base, the sheer consensus of major enterprise from JPMorgan to Alibaba to the World Bank about the benefits of blockchain are creating a pressure to engage.
In the 9 years since bitcoin was invented, blockchain experiments launched a thousand ships. In 2019, we are seeing the first of those ships land, and we expect waves of successful proofs of concept to demonstrate true value and utility from payments to data security to supply chain which will turn the tide towards mainstream adoption.
Digital assets including security tokens will revolutionize not only capital markets but will bind together retail, IoT, logistics, and more to create super-vertical value chains anchored by the blockchain backbone. This blockchain technology will empower the next digital economic age.”
Damien Ducourty, Co-founder of B9lab, the world’s leading provider of blockchain education and training, commented:
Blockchains have the potential to transform a significant number of industries. The key areas are in reducing cost or increasing capacity and/or speed. Incumbents can choose to be part of the potential transformation and shape the change or try and streamline their existing practices. It seems many companies are keeping their options open by doing both.
Although there is an increase in adoption, a lot of the use cases are still just potential. There needs to be investment around usability and operational support before the potential can be realised. It’s not just down to the technology, there are questions of demand, funding and also the supply of people to actually do the work! However, we’re seeing strong signals that good progress is being made. I anticipate that views will continue to shift in the future.
Much of the power of blockchain lies in its use cases. There are possible use cases in everything from supply-chain (where IoT features heavily) to entertainment. The supply chain use case is one of the most obvious ones because of blockchains’ supposed immutability, and the ability to verify transactions in a trustless environment. Equally it is being touted as an infrastructure bridge between a myriad of competing systems as the current need to onboard new entrants is a real barrier to supply-chain tracking and efficiency.”