Major Study Shows Why Blockchain Tech Will Take Over Businesses

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One of the Big Four, the biggest companies specialized in audit and financial services, has released the results of a survey about the impact blockchain technology is having in businesses. KPMG ran the survey and obtained interesting information, revealing that high executives in the tech industry have great expectation about the contribution blockchain technology could provide for their businesses and how it could improve the efficiency of services.

The results also showed the benefits blockchain tech could bring, highlighting that most of the tech executives surveyed agreed blockchain technology could bring up to 23% of improvement in efficiency of companies, while only 9% of those surveyed see blockchain as a mechanism to reduce costs and develop new structures for business processes specialized in data management and storage. According to Tergan Keele, US Blockchain Program Lead at KPMG, the participants of the survey showed interest in applying blockchain tech in their businesses, especially to improve operational efficiency while saving costs.

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Results also showed that over 41% of the people surveyed have set up great expectations for blockchain technology in general, expressing their excitement about how to implement this tech into businesses. This percentage is relatively low but still shows great interest overall.

Tech executives also determined that blockchain technology will definitely cause great changes in the Internet of Things (IoT). According to Keely, over 27% of people surveyed agreed with this statement, implying that Blockchain could be used for tracking and verifying routers, chips and other hardware that is used for IoT communication. It could also be applied for the security of management and transmission of data, essential to 5G technology that’s currently being developed.

Blockchain can be a value driver for a technology organization, both for achieving efficiency and potentially even enabling new sources of revenue. By devising an effective use case adoption strategy that capitalizes on experimentation and disruption, while proactively acknowledging complexity, technology leaders will uncover the benefits they’re seeking.

Tegan Keele

The survey held by KPMG, which is made annually and has been so for the past 7 years, aims to show the technological changes through more than 740 executives that take part in the study worldwide.

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