Are big companies ready to adopt Blockchain technology?

Deloitte, the consulting and audit firm, reported the results of a survey on the integration of Blockchain technology within companies. It seems that companies around the world are starting to experiment with this emerging technology to create solutions that are as practical as they are profitable. According to the survey, 74% of large companies are convinced of the merits of this more or less new technology.

The survey was conducted in March and April in seven countries including France, Canada, China and the United States. More than 1,000 executives different sectors such as health, technology, media and finance participated in the survey.

About 50% of the surveyed companies expressed interest in this "unsecure ecosystem" by noting that they have adopted Blockchain technology while 41% plan to integrate it into their systems next year.

On the road to decentralization

Juan Imaz, CEO and founder of Profede, a Blockchain application, commented on the inevitable adoption of the large distributed registry.

"Blockchain's breakthrough technology is already being implemented and studied in a variety of industries, from healthcare to finance, to improve the functioning of institutions and organizations. The Blockchain is making its way by shaking Fortune 500 companies to startups, "said Juan Imaz.

Imaz mentions Western Union and Airbnb, as the two most active protagonists of the Blockchain

According to his words:

"Western Union is working with Ripple to implement a blockchain-based payment system. Airbnb has bought ChangeCoin, a Bitcoin start-up, and is also working with a team of Blockchain experts. Retail giant Walmart is now using Blockchain in its data tracking and management processes. "

"From my own point of view, we are currently at the stage of building innovation capacity and as Blockchain technology is starting to be widely adopted, it seems that this is the moment when, yes, we look at the inevitable ramping up of the adoption and implementation of the Blockchain in the corporate world. "Navjit Dhaliwal, the CEO of Iagon , for his part believes that the results of the survey encourage innovation for the benefit of the promotion of the Blockchain in companies around the world.

Dhaliwal adds that many companies are putting Blockchains in place to replace their systems.

"Just like what we've seen with Evernym from Salt Lake City, ConsenSys in Brazil and Electron in the UK, when you consider the impact of Blockchain technology on businesses and the cryptocurrency industry, it is undeniable that by adopting and implementing Blockchain technology, the cryptocurrency industry will experience similar growth. "

Is Blockchain overestimated?

Growing businesses face a range of challenges. The more they evolve, the more they are aware of the technological advances made by the Blockchain, yet about 39% are of the opinion that the large distributed registry is largely overestimated and 44% of US-based companies share the same feeling.

However, the 2017 Deloitte surveyconfirms companies' nascent yet obvious interest in Blockchain technology. Nearly 40% of the individuals surveyed last year had little or no knowledge of large distributed registry technology.

Reginald Ringgold, the founder of BlockVest, a decentralized crypto-currency exchange service says that HSBC (Hong Kong and Shanghai Banking Corporation Limited) is the key that would open the door to the Blockchain and allow it to become a reality in the derivatives space.

"HSBC says this is the first international commercial finance transaction via a Blockchain. UK bank Barclays recently created an internal CDM adoption working group and will present its vision on how smart contracts can be combined at the annual ISDA meeting in Miami, Florida. He said.

Ringgold added:

"The ISDA is expected to release the first iteration of the compatible version of the CDM using Blockchain technology early this summer. In this context, we are seeing an increase in the use of Blockchain technology in derivatives markets in the financial sector as well as in international trade. This will certainly boost the future growth of the cryptocurrency industry as an influx of institutional cash flows into the sector. "

"The current growing adoption is just the beginning," says Imaz . Emerging technology will be widespread around the world once large companies have incorporated it into their system, which will be improved and will drive down costs.

"BlockVest, HSBC & Barclays will benefit immensely from Blockchain's technological advancement in the derivatives markets and a transition to a Common Domain Level (CDM). It is supposed to correct the inefficiencies and reduce the costs of derivatives trading, "concluded Ringgold.

 

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Do you think companies are ready for a decentralized future using Blockchain technology? What do you think of the comments of leaders of big companies such as Juan Imaz, Navjit Dhaliwal and Reginald Ringgold? Tell us your opinion in the comments section below.