Insights: Majority of Aussie execs want to use blockchain in their business
Three quarters of tech-savvy executives believe there is a “compelling business case” to use blockchain technology in their businesses.
Consultant Deloitte surveyed 1000 executives with “excellent-to-expert” knowledge of blockchain and found they held “much more pragmatic views” on the technology and “look poised to make some major moves over the next year”.
Blockchain is best known as the foundation of cryptocurrencies such as bitcoin. But there is growing interest in broader applications such as securing supply chains, digital contracts, public records and even online voting.
About 74 per cent report that their organisations saw a “compelling business case” for the use of blockchain.
About half of that number (34 per cent) said their company already had blockchain systems in production, while 41 per cent expected their organisations to deploy a blockchain application within the next year.
That’s good news for the three dozen or so ASX-listed small caps dabbling in blockchain.
>> Scroll down for a table of ASX-listed stocks with exposure to blockchain
Logistics tech Yojee (ASX:YOJ) is perhaps the most advanced in its application of the technology.
In the last quarter, the company completed the integration of blockchain into its software products and ran a successful pilot with delivery giant UPS in Asia – which it said was successful and was progressing through next steps.
Video streamer Linius Technologies (ASX:LNU) was delivering a blockchain strategy and solution design at the end of last year – but was still awaiting full integration.
Investing in other blockchain companies has been a profitable strategy for the likes of Ookami (ASX:OOK), Change Financial (ASX:CCA) and DigitalX (ASX:DCC).
Supply chain management was the most common application of blockchain technology (53 per cent) among those surveyed by Deloitte.
Next were Internet of Things integration projects (51 per cent) and digital records (40 per cent).
About 30 per cent said they were creating payments applications and 40 per cent identified digital currency projects.
Deloitte principal Linda Pawczuk presented the data this week at the blockchain industry’s biggest event, Consensus 2018 in New York.
“We are at an inflection point — momentum is shifting from a focus on ‘blockchain tourism’ and exploring the technology’s potential to building practical business applications,” Ms Pawczuk said.
“As more organisations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations.”
Other findings from the survey:
- 59 per cent believe in blockchain’s potential to disrupt and revolutionise their industries — and the overall economy
- 84 per cent agreed blockchain was broadly scalable and would reach mainstream adoption
- 43 per cent) identified blockchain as one of their “top five strategic priorities”
Here is a list of ASX stocks with exposure to blockchain:
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