Blockchain Is A New Frontier In Many Industries: Top Executives

The latest cryptocurrency news bring up the topic of blockchain technology. There are mixed indicators regarding the current progress of stalling of adoption right now. As the updates show, blockchain is a new frontier in many industries and that its adoption is getting real every single day.

To back up the statement above, we will share some data. According to research by CB Insights in 2019, there may be a separation between corporate adoption and corporate investments in blockchain companies. As we reported on our altcoin news site before, blockchain investments have dropped by up to 60% since 2018. Still, this decline does not seem to have affected the positive outlook of many executives on the technology. Many showed that blockchain is a new frontier – and say that there is a clear understanding of the necessity to adopt the technology in order to stay competitive.

In 2018, PwC conducted a survey of 600 high level executives to analyze their views on blockchain technology. The survey provided some insightful results and had some surprising twists. Clearly, the technology is here to stay and has a global presence within enterprises. Even 84% of the respondents said that their organizations’ processes involve varying degrees of blockchain technology. More importantly, 25% said that their project is either live or in pilot testing.

Blockchain is a new frontier in many industries – and many best cryptocurrency news sites already reported this. Research conducted by Deloitte also confirmed this and supports the data, with the belief that the technology has a compelling business case growing among executives. Four out of every five respondents of the 1,400 surveyed indicated that the enterprises around them are either ready looking into blockchain technology – or already implementing it.

Even 46% of the respondents in the PwC study indicated that financial services are the most advanced industry in the development of block chain applications. From this perspective, blockchain is a new frontier in the industry.

Marta Piekarska-Geater who is the director of ecosystem at Hyperledger confirmed this. She also saw a shift from the initial hype around cryptocurrencies to real-world applications of blockchain in enterprise. As she stated:

“Now is the time for any organization that wants to help shape the role of blockchain and the DLT technology at play in their business and their industry to get involved. Bitcoin made blockchain mainstream and brought the hype to the field. Now the hype is passing, and we are observing how enterprises are looking at real life solutions using blockchain.”

However, it is important to note that the adoption is harder than expected. The drop in this rate could simply be the effect of a delayed corporate response to the hype seen before.