Grant Thornton: Multi-Billion Dollar Corporations Ready, A New Dawn of Mainstream Blockchain Adoption
Since bitcoin's meteoric rise and the ICO craze in 2017, blockchain technology has become the talk of the town. Blockchain is the technology behind cryptocurrencies, and it has the potential of revolutionizing business processes as well as supply chains.
At first, most institutions were reluctant in investing in the technology, but currently, the rate at which the technology is being adopted is encouraging. In previous years, blockchain was only talked about more than practiced.
However, according to a recent study, things have dramatically changed indicating that not only institutions are investing in the technology, but multi-billion corporations are ready too.
The Time Is Now – Multi-Billion Corporations Taking No Chances
According to a recent study by an audit firm Grant Thornton LLP, 40% of senior finance executives expect their respective firms to invest in blockchain in the next two years. Besides, 22% of the firms have already implemented blockchain.
In the Grant Thornton survey, a total of 378 senior finance executives of companies having revenues in the range of $100 million to $20 billion participated. Unlike last year when a similar survey was taken, this year dramatic results came up.
Mainstream Adoption-don't Invest At Your Own Peril
Chris Stephenson, Business Consulting principal at Grant Thornton LLP, states that the Time is now to invest in the technology or the aircraft will leave the ground.
In the previous survey (2018), it was all about distributed ledger technology (DLT) which in most cases is used in place of blockchain. That year, 304 executives participated, and only 9% of the firms had implemented the technology. However, a year later, the number has increased to 23% already using blockchain.
The Rapid Rise
For investors, the increase in implementation from last year is a positive indicator signaling that the technology is taking roots very fast.
The survey results even surpassed the prediction which is usually a rare case. For instance, last year, 11% of CFOs had predictions that their firms would adopt blockchain (DLT) within a year, but the results indicate that 14% actually implemented the technology.
Moreover, 50% expected to use the technology in the next five years in the last year study, but this year 78% anticipate using the technology in the next five years.
The main reason to use the technology is perhaps to speed up the business processes, save money as well as increase transparency. As such, big corporations are ready to invest in blockchain technology and reap its benefits without delay.