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Special report: Blockchain in business: Where are we now, and predictions for the next decade

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  • Provided by TechRepublic Premium
  • Published November 21, 2019
  • Topic TechRepublic Premium
  • Format PDF

Has blockchain overcome its initial hurdles to become a mainstream technology? TechRepublic Premium wanted to know.

To better understand industry attitudes toward blockchain, a recent TechRepublic Premium survey measured the awareness, interest, and the extent to which technology professionals believe blockchain will impact business.

The survey asked the following questions:

  • Have you had any experience using blockchain, either personally or professionally?
  • Do you think blockchain will affect your industry, either positively or negatively, at any point?
  • How do you think your industry will be affected?
  • How many years do you think it will take before blockchain has any effect, either positive or negative, on your industry?
  • Which industries do you think blockchain is likely to have a major impact?
  • What statements best apply to the role of blockchain at your company?
  • What effect, if any do you think blockchain will have in your daily life in the next five years?
  • What do you think would need to happen in order for widespread adoption of blockchain to occur?

Nearly a quarter of respondents have used a cryptocurrency, such as Bitcoin, while 64% of respondents have no direct experience with blockchain technology at all.

Further, according to the survey results, most companies have not yet adopted blockchain, with only 10% of respondents indicating their companies are actively using the technology. Of respondents, 13% indicated that blockchain is on their organization’s strategic roadmap, compared to 7% of respondents in 2018 who indicated they were “presently making plans to implement it in some way,” underlying a potential increase in enthusiasm.

Two-thirds of respondents indicated a need for a clearly-stated business use case to be available in order for blockchain to gain widespread adoption. Of cryptocurrency proponents, there is a preference toward a government-backed cryptocurrency over a corporate-controlled one, at 35% versus 20%.

Overall, respondents had an overwhelmingly positive sentiment toward blockchain. A majority (87%) predicted a positive effect, with 27% predicting a very positive effect. Nine percent of respondents believe blockchain will have a negative effect on their industry, while 4% predicted a very negative effect.

To read all of the results from the survey, plus analysis, download the full report here.

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