Accenture Report Reveals Semiconductor Industry is Bullish About Blockchain
Blockchain technology continues to permeate industries all over the world. In the beginning days of the technology, the primary focus of application was always on financial technology and economic institutions, with early concepts of blockchain use being tied to banks and financial service providers. But as the tech continued to develop and public interest in its use peaked in the past few years, blockchain has seen development in nearly every conceivable sector. Wherever there is information to be efficiently transferred and exchanged, blockchain can be found.
But not all industries are fitted equally for use of important distributed ledger technology. In fact, studies show that some industries might not really benefit from current blockchain technology at all. For the most part, though, nearly any sector in current operation seems to have some stake in the development of blockchain technology, a massive public project which continues daily.
A recent study from research firm Accenture attempted to categorize the relative excitement of different industries regarding cryptocurrency and blockchain adoption in their own sector. Surprisingly, it was not the retail and software industries that ranked at the very top of the list, although these expected industries did make their way into the top ten. The winner of the day was actually the niche semiconductor industry, with a whopping 88% of interviewees saying that they expect blockchain to be integrated into their company’s infrastructure in the next three years.
The Security Application
According to the research report, the main reasons for the stark interest of semiconductor organizations in blockchain comes down to the decentralized and tamper-proof nature of the distributed ledger. Semiconductor processes require intense supply chain management, and tampering or failings can have massive impacts on what is often a multi-million-dollar operation for these companies.
With this in mind, it should come as no surprise that many experts in the field can see blockchain being a key facet of their business within the next few years. The blockchain is, after all, among the most safe and secure ways to store information, with tampering almost always becoming evident to the experts monitoring the server. Additionally, the immutable and lightning-fast transaction process on the blockchain could help to seriously overhaul the efficiency of the supply chain management employed by large semiconductor companies.
Artificial Intelligence Bullish
Another major reason for the deep interest in the semiconductor sector regarding blockchain technology is the growing sophistication of artificial intelligence and extended reality technology within the blockchain industry. The study also surveyed the relative interest of executives in the industry in AI and ER technology, and found that the semiconductor industry also had the highest percentages of responders that believed that “every human” will be “impacted on a daily basis” by AI tech within the next three years.
As the cutting-edge semiconductor technology industry continues to develop, there can be no doubt that the sector will be quick to adopt the latest innovations coming out of the blockchain and AI industries.