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Findings show that Large Companies are No Longer Clueless on Blockchain

  by David Drake     Corporations are now seeing a compelling business case for blockchain, a survey by Deloitte shows. During the Consensus event in New York last month, Deloitte presented findings that show a notable shift in momentum towards blockchain. Large companies are now exploring the potential of this dynamic technology to build practical business applications. The findings show that many global firms plan to move forward with blockchain. Some of them already have the technology in place while others aim to launch their applications by next year. Need to Standardize For Reginald Ringgold, founder of BlockVest Decentralized Exchange & Index Fund, standardization is important to avoid corporations from squandering their money. “Before banks and traders can rely on a distributed ledger technology as the vaunted “single record of truth,” there first needs to be better standardization. Yet as it stands, they use a hodgepodge of data structures and formats ... Read More »

Why Corporates are Shifting Focus towards Blockchain Application

  by David Drake     A Deloitte survey conducted in the months of March and April 2018 shows more than 70% of leading corporates are exploring possibility of integrating blockchain technology on their business platforms. According to Linda Pawczuk, Deloitte’s U.S. financial services blockchain group head, the results from the survey showed a momentum shift towards exploring the potential of the emerging technology and the practical application of blockchain in businesses. This increase in corporates that are interested in blockchain is likely to boost the growth of the cryptocurrency industry on a global scale. Carl Kirchhoff, CEO and co-founder of SportsFix says, “Mainstream adoption of blockchain by Fortune 500 companies worldwide solidifies blockchain’s technological importance in the fabric of disruptive technologies. Corporate internal initiatives that adopt blockchain technologies will help drive innovation and adoption within the industry at a cost of possibly marginalizing one of the communities main tenets of of transparency ... Read More »

Deloitte Blockchain Survey: What it Means for the Cryptocurrency Industry

  by David Drake    According to Netscribes INC., the global blockchain technology market will be worth  $13.96 billion by 2022, growing at a compound rate of 42.8%. This growth will likely be due to the uptake of the blockchain technology by mainstream industries in order to gain a competitive edge. This view has been supported by a recent Deloitte survey that drew respondents from 1000 large companies in 7 countries. The outcome of the survey shows that 74% of the respondents feel there is compelling reason to use blockchain technology in building practical business applications. Additionally, 34% of the businesses sampled pointed out that they have already initiated production of some form of blockchain technology. Further, 41% of the sampled are targeting to introduce a blockchain technology application in the next year. Far-Reaching Impact Proponents of blockchain technology point out that the economy will face a second shift from having ... Read More »

Why Corporates are Keen to Adopt Blockchain Technology

  by David Drake     Blockchain technology is taking the world by storm. Its decentralized and transparent nature, coupled with fast speeds promises to revolutionize the way people transact and run their businesses in the future. As adoption of this technology spreads across sectors, corporates are not being left behind. At the beginning of this year, Amazon and Starbucks went public with their intentions to include blockchain in their business models. From the look of things, these are not the only global companies that want a piece of the ‘blockchain pie’. Research findings released by Deloitte this past month indicate that at least 74% of companies in different countries are considering blockchain technology with the aim of developing business applications. Strengthening Collaboration The move by companies to get into the blockchain technology space is expected to yield a corresponding increase in this technology’s application within the business world. According to ... Read More »

Why More Companies are Set to Join the Blockchain Bandwagon Next Year

by David Drake Survey results presented by Deloitte during the recent Consensus event show that corporations are changing momentum and opting to explore the possibility of blockchain to build practical business applications. According to the survey, 74% of large firms see a compelling business case for this dynamic technology. The survey was conducted between March and April of this year in seven countries including France, Canada, China and the US. More than 1,000 executives drawn from industries such as healthcare, technology, media and finance participated in the survey. Almost half of them expressed interest in this “trustless ecosystem” and mentioned their firms already have a blockchain system in place while 41% aim their technology to be operational next year. Inevitable Growth According to Juan Imaz, CEO and founder of Profede, application of blockchain technology has already started in some industries. He says, “Throughout various industries from healthcare to finance, blockchain’s breakthrough technology is ... Read More »

Does Blockchain Technology Present a Compelling Business Case for Corporates?

by David Drake A new Deloitte survey presented at the Consensus 2018 Annual Conference in New York City shows that an increasing number of major companies are now exploring the application potential of blockchain technology in business. According to the survey, 74% of major companies across seven countries are shifting their momentum to blockchain technology and its practical application in business. It is expected that the rising uptake of blockchain by corporations will boost growth of its application in various industries in future. Linda Pawczuk, the head of Deloitte’s U.S. financial services blockchain group says, “Blockchain is moving quickly from proof of concept to ‘proof of practical’ with real-world, actionable solutions.” The Global Scale While the application of blockchain technology cuts across every sector, there are industries that are likely to benefit more than others. Nick Machulis, CEO of TransCrypt says,“We believe that the main areas of development of the blockchain will ... Read More »

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