Forty-eight percent of respondents to a KPMG survey said blockchain will likely or very likely change the way their companies do business within three years. KPMG surveyed 740 global technology leaders for its 2019 Technology Industry Innovation Survey, with 76 percent of respondents from the C-suite.
The rest of the respondents were neutral (24%) or didn’t believe (27%) blockchain will change their company’s business processes within three years.
In terms of whether technology companies are likely to implement blockchain within the next three years, 41% said it was likely or very likely, 31% were neutral and 28% said they wouldn’t, or it’s unlikely.
Respondents ranked IoT processes as the most promising area (27%) for blockchain disruption in the next three years. That includes tracking software upgrades, product refills, and warranties. Trading such as platforms for small businesses came second with 22%. Reducing cyber risk, for example by using ledger identity authentication, was ranked third with 20%. In fourth place was contracts (18%) including payments, insurance, and blockchain identity.
Turning to blockchain benefits, improved efficiency ranked top for 23% of respondents. Competitive advantage through product or service differentiation came second with12%. In joint third spot (9% each) for top benefits were cost reductions (won’t efficiencies result in lower cost?) and new business insights from additional data.
The top three blockchain adoption challenges are seen as unproven business cases (24%), technology complexity (14%), and lack of capital or funding (12%).
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