A cross-industry survey on blockchain of some 1,000 business leaders, conducted by Deloitte, found that most global executives see great value in blockchain’s potential to reinvent processes across the business value chain, while there is interest and investment in a wide range of use cases.
The research revealed that 74 percent of all respondents reported that their organizations see a “compelling business case” for the use of blockchain—and many of these companies are moving forward with the technology. About half of that number (34 percent) say their company already has some blockchain system in production, while another 41 percent of respondents say they expect their organizations to deploy a blockchain application within the next 12 months. In addition, nearly 40 percent of respondents reported that their organization will invest $5 million or more in blockchain technology in the coming year.
At the same time, however, nearly 39 percent of the broad global sample respondents said they believe blockchain is "overhyped." In the U.S. meanwhile, this number is higher: 44 percent of respondents view blockchain as overhyped, up from 34 percent in a 2016 survey by Deloitte. The researchers attested, “On their own, these numbers seem to indicate that blockchain is moving in the wrong direction. However, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community.”
Drilling down, the life sciences and healthcare industry view on blockchain has rapidly evolved over the past 12 months, moving from a point of curiosity and education to a point of recognition that action must be taken to prepare for imminent disruption, according to the researchers. The results showed that 55 percent of organizations in this industry believe that blockchain will cause disruption, while more than 60 percent believe that they will lose a competitive advantage if they don’t adopt blockchain.
This disruption will bring new opportunities and new threats that must be addressed, the researchers noted. In particular, these organizations believe that blockchain can provide significant value across the following dimensions:
- Disintermediation: Reducing reliance on costly intermediaries that can be replaced by participants in a blockchain or by smart contracts. (Examples: medical data aggregators, provider data-validation servicers, patient outreach programs, claims clearinghouses).
- Transparency and auditability: Improving transaction visibility among ecosystem partners can improve operational efficiencies. (Examples: value-based care payments; pharmaceutical, commercial, and clinical supply chains; fraud, waste, and abuse)
- Industry collaboration: Realizing efficiencies through the sharing of information. (Examples: provider credentials and directories, longitudinal view of the patient, clinical trial records)
- New business models: Establishing new revenue generation opportunities founded on blockchain. (Examples: enabling patient data ownership and monetization, artificial intelligence (AI) analysis of newly available data made possible by blockchain).
The report did conclude, “When looking at the insights developed from our 2016 survey, the data suggested that blockchain adoption—and its move into production—would have happened at a faster pace than we have seen so far in 2018. Still, even though blockchain is rolling out in a more moderated fashion than expected, its adoption remains promising.”
