KPMG Survey: 41% of Executives See Their Companies Implement Blockchain Technology In The Next Three Years
KPMG, one of the world’s biggest audit companies, has conducted its 2019 Technology Industry Innovation Survey.
The survey, conducted for the seventh time, included the input from around 740 executives in the tech industry. Around 60% of respondents are C-level executives from 12 different countries.
The Netherlands-based KPMG is a member of the “Big Four auditors” group, along with Deloitte, Ernst & Young, and PricewaterhouseCoopers (PWC).
Below, here you will find key takeaways from the survey.
- 41% of respondents say their company will implement blockchain technology in the next three years, while 28% declared this option as “not likely”;
- Almost half of all survey participants (48%) say expect that blockchain technology will change the way they do business in the next three years, compared to 27% of those who see this option as “not likely”;
- IoT processes (tracking software upgrades, warranties, product refills etc.) are seen as the greatest disruption to the process of adoption of the blockchain technology. The second place belongs to trading (platforms for small businesses), while the reduced cyber risk and contracts come in the respective third and fourth place.
- As far as challenges are concerned, 24% of survey participants see “unproven business case”, as the biggest challenge to blockchain adoption, compared to 14% of those who sided with “technology complexity” and 12% for “lack of capital to fund new investment”.
- On the other hand, the biggest benefits with adopting the blockchain technology are improved business efficiency (23%), product and/or service differentiation (12%), cost reduction, and new business insights, each supported by 9% of respondents.
Last year, Newconomy reported on the partnership of IOTA (IOT) with the electronics giant Bosch to build a data collection product for the Internet of Things (IoT). This is just one of the cases which show the intention of huge multinational companies to invest in the blockchain technology.