Conflicting Blockchain research: which one is right?

Blockchain is an emerging technology which has permeated every layer of an organisation. Everybody is talking about it, trying to implement it or are worried if their business have not deployed it. What does blockchain research indicate?

However, there is conflicting research as to whether Blockchain is as widely deployed as the media suggests. Are most UK businesses implementing Blockchain or are none?

A recent Deloitte survey found 74% of executives of global businesses said their company saw a compelling business case for the use of Blockchain. Many wanted to move forward with the technology. Therefore, it seems that the majority of businesses feel this is necessary.

Yet, a Gartner survey found only 1% of CEOs were running blockchain projects. 8% were planning to do so in the short term or had begun experiments with the technology.

“Rushing into blockchain deployments could lead organisations to significant problems of failed innovation, wasted investment, rash decisions and even rejection of a game-changing technology,” said David Furlonger, vice-president and Gartner fellow.

Interestingly, Serviceteam IT’s ‘Beyond the Cloud’ research found blockchain was the least popular form of emerging technology. No business was actively using the technology. Only 5% of respondents were planning to deploy blockchain in the next 12 months. Most notably, 60.6% of respondents had no interest in Blockchain at all.

Where is the media attention coming from?

There are public examples of blockchain implementations and press teams are making a lot of noise about them. Gone are the days when the latest technology developments were kept quiet for fear of losing advantage, today every blockchain project is proclaimed from the roof tops. This is magnifying the technologies use.

The Blockchain craze was meant to have hit the finance sector. HSBC and Dutch bank ING said their trial of blockchain application has been a success in terms of secure transactions. However, again the ‘Beyond the Cloud’ report found 66% of respondents in the finance sector had no interest in blockchain. It appears that the finance sector is disinterested in this emerging tech although public relations has seen otherwise.

We would love to hear your opinions about blockchain adoption or whether you think it has infiltrated your business. Research has certainly been conflicting before the media presence is even factored in.

Additionally, I would love to hear your thoughts on the interaction between blockchain in a purely IT sphere and blockchain in terms of a business perspective. Please leave a comment about how you found this interaction, if there is any at all.