June 23, 2024

84% Of TMT Executives Believe The Blockchain Tech Is Reaching The Mainstream

84% Of TMT Executives Believe The Blockchain Tech Is Reaching The Mainstream

A recent research finding from Deloitte shows that 84% of telecoms, media, and technology (TMT) companies are certain that the Blockchain technology will replace the existing technology in the near future. They believe that this will happen if the same trend of adoption continues.

A Significant Portion Is Setting The Ground For Adoption

84% Of TMT Executives Believe The Blockchain Tech Is Reaching The Mainstream2Deloitte found out that 29% of companies have joined a Blockchain consortium to lay the ground for the DLT process. Further, 59% of the respondents in the TMT industry believe that the Blockchain technology will disrupt their businesses. Although they are not sure in what way, most of these people constitute that 29% that have employed the services of blockchain consortiums to cushion themselves from future technological impasses that could render them non-competitive against their peers.

On the same note, 34% of TMT companies representatives pointed out that they have some sort of Blockchain related project underway in one of their organizational departments. They believed that the technology is vital in serving their purpose in areas that are deemed to be underperforming and impacting their businesses negatively.

Lastly, 41% of the respondents allude to concrete plans to set up a Blockchain platform in the course of the year for full-scale service delivery.

Summarily, 41% plan to launch a Blockchain network, 34% have a functional DLT platform, 29% have outsourced a consortium for ground works, and 59% are convinced that the blockchain technology will disrupt the industry in the foreseeable future.

Many TMT Companies Are Investing In Research

Of all the respondents, 40% of the TMT executives revealed that their firms are on course to investing in millions of dollars towards blockchain technology research and future adoption. The main motivation for these TMT executives is that they are keen to shift their operating and technological platforms to the digital ledger technology (DLT) for future prospects of stability, performance, and own-network security.

39% Of Respondents Are Not Convinced That The Blockchain Technology Is Making Inroads

Despite the positive news, 39% of TMT executives believe that the Blockchain technology is overhyped and will not make any big contribution to the TMT service delivery. This figure was particularly higher in the USA as 44% expressed pessimism, this represented a deteriorating perception given the 10% pessimism responses in 2016.

To address this growing trend, the report authors- Rob Massey, Linda Pawczuk, and David Schatsky pointed out that the volatility of the crypto markets was to blame for this perception given the fact that one of the market leaders, the Bitcoin, has plunged significantly from highs of $18, 659 in January 2018 to lows of $6, 299 in some periods of 2018.

Nonetheless, The General Trend Is Positive

Despite the growing negative sentiments, the Deloitte team forecasted that the revenues that Blockchain firms generate will grow by ten folds from $340 million in 2017 to more than $2,3 billion in 2021. On another perspective, Blockchain startups attracted $1,3 billion in investments in the first half of 2018. Additionally, there were 27,000 new blockchain projects in the same period.

The research covered seven countries, 1,053 respondents where 180 of them were from TMT firms.

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