While blockchain may have cut its teeth on the cryptocurrency Bitcoin, the distributed electronic ledger technology is quickly making inroads across a variety of industries.
That’s mainly because of its innate security and its potential for improving systems operations all while reducing costs and creating new revenue streams.
David Schatsky, a managing director at consultancy Deloitte LLP, believes blockchain’s diversity speaks to its versatility in addressing business needs, but “the impact that blockchain will have on businesses in various industries is not yet fully understood.”
This year, blockchain technology is expected to become a key business focus for many industries, according to a Deloitte survey conducted late last year.
The online survey of 308 blockchain-knowledgeable senior executives at organizations with US$500 million or more in annual revenue found many placed it among their company’s highest priorities. Thirty-six percent believe blockchain has the potential to improve systems operations, either by reducing costs or increasing speed, and 37% cited blockchain’s superior security features as the main advantage. The remaining 24% say it has the potential to enable new business models and revenue streams.