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Fear of Missing Out: 84% of Companies Now use Blockchain

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Soon, we may see a fear of missing out (FOMO) with regards to blockchain use.

At the moment, 84% of companies are using the technology, says a PwC survey.

“Everyone is talking about blockchain, and no one wants to be left behind,” according to PwC’s 2018 Global Blockchain Survey, which included 600 executives.

Another survey by Deloitte revealed that nearly 40% of companies want to invest millions in the technology.  That survey spoke with 1,050 executives in telecom, media and tech.  About 59% said it’s possible for it to disrupt their industries.

About 29% have already jumped on the bandwagon.

If everyone else is jumping aboard, it may not pay for any business to avoid it

What we have to consider is that blockchain increases trust and reliability.

It’s being touted as faster and much more secure by companies pushing everything from health records to marijuana.  Companies likes Amazon, Microsoft, and Facebook are exploring ways to use the technology.

In fact, Facebook announced it’s going through reorganization that will include the use of it, too.

IBM, Accenture, Deloitte, JP Morgan, and HSBC are on board, too.

So, it’s only a matter of time before more companies jump on the bandwagon.

There aren’t many companies that can even afford to do that

Companies and governments around the world are exploring its use.

In fact, market intelligence firm IDC says global spending on such solutions could more than double to $2.1 billion this year.  However, according to analysts at Cowen, full adoption is still nearly six years away.

“Blockchain’s really about trust in data and business processes,” said Ramesh Gopinath, vice president of blockchain solutions at IBM, as quoted by CNBC. “When you have to rely on data, four or five hops upstream, you have to have a reason to trust it and blockchain provides that.”

 

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