New KPMG 2019 Technology Industry Innovation Survey Highlights Blockchain's Role in Businesses

In a recent survey conducted by KPMG, 41% of global leaders in the technology industry in 12 different countries said that it’s “very likely/likely” that they will be implementing blockchain technology for their company in the next three years. This shows that there are positive attitudes towards blockchain technology in technological companies around the world.

KPGM conducted the 2019 Technology Industry Innovation survey and that gathered information from 740 global leaders in the technological industry. 28% of the respondents said that it is “not likely/not at all likely” to be implementing distributed ledger technology to enhance their operations.

Almost 50% of the respondents mentioned that blockchain will be changing how companies conduct businesses during the same period of time. Meanwhile, 27% said that this is not likely to happen.

Damien Ducourty, the co-founder of B9lab, a provider of blockchain education and training, commented about the results of this survey:

“Incumbents can choose to be part of the potential transformation and shape the change or try and streamline their existing practices, he added. It seems many companies are keeping their options open by doing both.”

23% of the global leaders explained that one of the benefits of adopting the technology is related to improved business efficiency. However, 24% mentioned that the technology has unproven business applications.

According to a report released in January by McKinsey & Company, blockchain has yet to prove that is a game-changer that several individuals and experts have predicted it would be. However, blockchain capabilities remain just potential.

Ducourty explained that there must be a large investment in usability and operational support before it is possible to realise the potential. It seems that blockchain technology remains in its infancy and that companies are investing in it to explore its potentialities.

KPMG shows that in the coming three years, blockchain is expected to have the biggest impact on the Internet of Things (IoT), trading, cyber risk and contracts.

According to Jehan Chu, the co-founder or Kenetic and the Social Alpha Foundation, in nine years since bitcoin was invented, there have been several blockchain experiments launched. He went on explaining that in 2019, the first blockchain projects implementing blockchain technology will be demonstrating true value and also utility.

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