2020 Global Blockchain Survey

Deloitte’s 2020 GLOBAL BLOCKCHAIN SURVEY

From promise to reality

Leaders no longer consider blockchain technology groundbreaking and merely promising. Deloitte’s 2020 Global Blockchain Survey polled a sample of nearly 1,500 senior executives and suggests that initial doubts about blockchain’s usefulness are fading as business leaders now see it as integral to organizational innovation. As a result, they are putting money and resources behind the technology in more meaningful and tangible ways.

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There is a reality at play that extends far beyond use cases and deployment initiatives. Put simply, while blockchain was once classified as a technology experiment, it long ago made the leap from theoretical to practical, and many executives recognize it as a true agent of change that is affecting the entire organization.

Blockchain’s more "real" reality

Strategic priority

Production

Hiring

The value chain

Respondents who say blockchain is a top-five priority

Global

2020 Regional breakdown

2020

2019

2018

55%

53%

43%

Americas

Europe/Middle East

Asia-Pacific

56%

44%

65%

Strategic priority

Respondents who have already brought blockchain into production

Global

2020

2019

39%

23%

2020 Regional breakdown

Americas

33%

53%

Europe/Middle East

Asia-Pacific

Production

Respondents who say they are either hiring staff with blockchain expertise or plan to within next 12 months

Global

2020

2019

82%

73%

2020 Regional breakdown

Americas

81%

78%

89%

Europe/Middle East

Asia-Pacific

Hiring

Respondents who strongly or somewhat believe their suppliers, customers, and/or competitors are working on blockchain solutions to address current challenges in the value chain

Global

2020

2019

2018

85%

82%

77%

2020 Regional breakdown

Americas

84%

83%

88%

Europe/Middle East

Asia-Pacific

The value chain

In our 2020 Global Blockchain Survey, we uncovered several findings that illustrate a continuing trend in thinking and investment in the blockchain space.

A deeper look

Digital assets find their footing

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Digital assets find their footing

Digital assets represent a significant part of blockchain’s enduring sustainability. They can make it easier to view and certify an asset’s historical provenance and allow for otherwise indivisible physical assets to become divisible and more easily traded on secondary markets.

of respondents believe digital assets will serve as a strong alternative to, or outright replacement for, fiat currency in the next five to 10 years.

83%

Cybersecurity presents a persistent but manageable challenge

Global digital identity has yet to fully realize its potential

Regulatory requirements may complicate adoption

Blockchain consortia focus on how to govern

Blockchain is global, perspective is local

Cybersecurity presents a persistent but manageable challenge

Cybersecurity remains a challenge to blockchain’s adoption and acceptance worldwide. A vast majority of survey respondents say that cybersecurity plays at least some role in their blockchain and digital assets strategic planning.

66%

of respondents think cybersecurity concerns may hamper the widespread acceptance and use of digital assets.

Global digital identity has yet to fully realize its potential

Global digital identity is a vital tool in confirming the veracity of an individual’s—or a corporation’s—identity. The full array of benefits will likely remain untapped until the general population develops a greater understanding and acceptance of digital identity and its underlying technologies.

90%

of respondents believe global digital identity will be very or somewhat important in their future blockchain and digital assets strategies.

Regulatory requirements may complicate adoption

Though respondents are confident their organizations can meet regulatory challenges that emerge from blockchain’s greater adoption, this confidence may be excessive. Businesses will likely face varying regulatory requirements as they juggle multiple, and sometimes competing or contradictory, regulations imposed by different jurisdictions.

70%

of respondents say that the pace of regulatory developments around digital assets and blockchain solutions over the past 12 months is very or somewhat fast.

Blockchain consortia focus on how to govern

Today’s conversations revolve more around how consortia are run, how decisions are made, and how profits are shared across the membership. We found that organizations are—and for good reason—placing an increasing emphasis on performing due diligence and addressing key governance-related concerns.

41%

of respondents believe an inability to create fair and balanced governance rules represents the leading challenge to joining a consortium.

Blockchain is global, perspective is local

Asia-Pacific China considers cryptocurrencies illegal within its borders, which puts it at odds with regions such as Hong Kong and Singapore that encourage crypto’s use and development. Still, China’s central bank recently unveiled a digital version of its national currency.

European Union Crypto is gaining acceptance in countries such as Germany. In the Nordic region, the focus is often more on blockchain’s distributed-ledger capabilities, while the United Kingdom tends to embrace digital asset concepts.

Middle East The UAE reportedly encourages growth of regulated digital asset exchanges. Israel, a longtime blockchain technology proponent and entrepreneurial hotbed, may be slowing its adoption slightly.

Key findings

Filter by geography

Select survey data by region

Americas

Global

Europe/Middle East

Asia-Pacific

Global

Top use cases

Top barriers to adoption

Digital currency

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Data access/ sharing

Data reconciliation

Identity protection

Payments

30%

31%

32%

33%

Implementation: replacing or adapting existing legacy system

Potential security threats

Concerns over sensitivity of proprietary information

35%

34%

Data access/ sharing

Identity protection

Data reconciliation

Payments

Digital currency

31%

32%

33%

Implementation: replacing or adapting existing legacy system

36%

Concerns over sensitivity of proprietary information

33%

Potential security threats

33%

Americas

Digital currency

Payments

Data access/ sharing

Identity protection

Data reconciliation

29%

30%

33%

36%

Our lack of in-house capabilities (skills and understanding)

34%

Implementation: replacing or adapting existing legacy system

33%

Potential security threats

33%

Europe/Middle East

Data access/ sharing

Data reconciliation

Track and trace

Digital currency

Asset protection

29%

30%

31%

32%

Implementation: replacing or adapting existing legacy system

37%

Potential security threats

37%

Concerns over sensitivity of proprietary information

36%

Asia-Pacific