Danny McCance 16 May 2018 01:27pm

Blockchain firmly on business agenda, says Deloitte

Three quarters of executives see a business case for the emerging technology

In a recent survey by the US arm of Big Four firm Deloitte, 31% of global executives said that their company already had some form of blockchain system in place.

It also found that 41% expect to have a blockchain application within the next 12 months, while the same number said their organisation will invest $5m (£3.7m) in the next year.

Almost half (43%) of respondents stated that blockchain is one of their top-five strategic priorities, compared to 21% who thought it relevant but not strategically important.

Furthermore, 45% of respondents said they planned to join a blockchain-focused consortium with competitors, while 29% are already in one.

While 84% thought that the technology is likely to achieve mainstream adoption, 39% thought the technology was overhyped and 22% said they had no compelling application to justify blockchain implementation.

Blockchain is becoming big business among the Big Four. Last week, PwC acquired a small ownership interest in Singapore blockchain business VeChain.

 This is just the latest in a series of blockchain related developments. In April, EY announced that it is piloting a collection of blockchain technologies for auditing cryptocurrency transactions.

 In December, PwC became the first Big Four firm to accept cryptocurrency as payment for advisory services.