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