A latest new survey suggests which attitudes towards adopting the blockchain for businesses are shifting with multiple respondents giving accurate and favorable results.
KPMG, a trusted organization providing tax, audit and a lot of advisory services, released its recent 2019 Technology Industry Innovation survey, which looked at various responses from over 740 global leaders in the industry of technology from 12 countries.
According to the figures, 41% indicated that it is very likely/likely that they will implement the blockchain into their organization within the next three years, whereas 28% said that it was not likely/not at all likely.
A further 48% noted that it is very likely/likely that the blockchain technology will change how they conduct the business in the similar time period, with 27% stating that it was not likely/not at all likely.
Speaking about the results, Damien Ducourty, the respected co-founder of B9lab, a provider of blockchain technology training and education, said that the technology has the potential to change a various number of industries.
Incumbents can choose to be part of the transformation which has potential and shape the change or streamline and try their existing practices, he added. It seems many organizations are keeping their options open by doing both.
However, while 23% of global leaders said that one of the major and top benefits of adopting the blockchain technology was improved efficiencies of business, 24% stated that a challenge to adopting the blockchain technology was down to the business cases that are unproven. Even though regulators, companies and financial technologies have spent a countless number of hours and money exploring its potential, multiple numbers of the use cases are still just that potential.
Back in late January, it was even indicated in a recent report from McKinsey & Company, a consulting firm of American management, that the blockchain technology had yet to become the game-changer that many had expected. At the time, the authors stated that the stuttering blockchain technology development path is not entirely surprising.
There needs to be an investment around operational support and usability before the potential can be realized, continued Ducourty. It is not just down to the blockchain technology, there are questions of funding and demand and also the supply of various people to actually do the work.
Yet, while the blockchain technology may still be in its infancy the fact that so many enterprise organizations are turning their attention to it should mean something. Take, for example, Alibaba, JPMorgan, and the World Bank, which are just a few who have started beginning to realize the benefits of blockchain technology.
According to figures of KPMG, in the next three years, the blockchain technology is expected to have the biggest impact within the circle of an Internet of Things (IoT) processes at 27%, reduced cyber risk at 20%, trading at 22% and contracts at 18%.
For Jehan Chu, managing partner and co-founder at the trusted organization named Kinetic, a crypto-focused investment firm, and co-founder and partner of the Social Alpha Foundation, a not-for-profit grant making platform focusing on social impact projects and initiatives, this is just the starting.
In the nine years since bitcoin technology was invented, blockchain technology experiments launched a thousand ships, he said. Now in 2019, we are seeing the first of those ships land, and we expect waves of fully approved and successful proofs of concept to demonstrate the utility and true value from payments to data security to supply chain which will completely turn the tide towards mainstream adoption.
John Woods is a self-professed security expert; he has been making the people aware of the security threats. His passion is to write about Cybersecurity, malware, social engineering, Games, internet and new media. He writes for Netgear Router products at Netgear router setup
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