A recent report from Deloitte, which surveyed 500 private mid-market businesses, uncovered the ways in which technology is impacting the sector’s future.
One of the biggest findings was that executives are most bullish on storing and securing digital records as the most likely future use of blockchain technology.
‘For decades, emerging challengers to leading businesses have tried to find ways to change the basis of competition rather than compete on the well-worn playing field. And,
more often than not, the ones who have found success have turned to one common tool to chart their own course and redefine the game: technology,’ explained the report.
The survey – in its fifth year – found that respondents are aware that a wide spectrum of technology-related trends are producing productivity gains, and they are upping their IT budgets to capture them.
A growing number of organisations see value in aligning business and technology requirements, and are accomplishing this by exploring governance practices. The companies who took part in the survey cited stronger collaboration between IT and business leaders when it comes to managing the IT agenda, a nod to shifting dynamics in the c-suite.
Analytics and cloud solutions remain at the top of the list, but a vast majority of companies surveyed have plans to
tap breakthrough technologies such as blockchain, machine intelligence and mixed reality.
The boardrooms of the private mid-market firms that took part in the survey not only understand blockchain technology, but also see the real value in implementing it within their day to day operations.
The survey found that 34% of respondents plan to use blockchain for storing and securing digital records, 24% said they will use it for executing smart contracts, and 19% said they will use it to exchange digital assets.
>See also: Why CFOs should take notice of blockchain
‘The shared-ledger technology known as blockchain is making business more efficient and transparent for companies of all sizes,’ writes the report.
‘If credit scores have long determined the terms of certain financial transactions, blockchain-based solutions will raise the stakes even more for reputation and digital identities by adding a higher level of trustworthiness to digital interactions.’
For private and mid-sized companies, the possibilities of implementing blockchain technology range from the ability to verify property records for real estate deals to reducing investment transaction errors to preventing fraud in supply chain operations. It is a technology – like many – that spans industry.
“Blockchain has the potential to transform every transaction platform and fabric we use daily,” said Eric Piscini, principal and Global FSI Digital Transformation and Blockchain Leader, Deloitte Consulting LLP.
“While initially focused on the financial services industry, blockchain is now embraced by other industries, given its potential for disruption and the many opportunities it creates to increase trust and replace middle men with cryptography.”
“With blockchain, we are talking about a technology that has huge potential in the trust space,” added Chris Jackson, chief of staff for Deloitte Growth Enterprise Services, Deloitte Consulting LLP. “It can provide a secure method to speed payments, and can help existing businesses create and identify new business models and revenue streams.”