Deloitte study finds disruptors deploy blockchain differently
BLOCKCHAIN, the technology behind cryptocurrency bitcoin, has moved past a point where companies are no longer just exploring what to do with technology but actively seeking ways to make it work.
This new development is an indication that more business leaders have come to recognize technology’s transformative potential, beyond the perpetual hype surrounding it.
According to a recent report by Deloitte, 53 percent of the respondents said that blockchain technology had become a critical priority for their organizations in 2019, a ten percent increase over the year’s figure.
This a shift from what Deloitte calls blockchain tourism, where companies are building practical business solutions powered by blockchain instead of just exploring what it can offer.
While the financial technology sector or fintech – who were among the early adopters of the technology – are still leading the way, other industries such as telecommunications, healthcare, and media are also expanding their blockchain development initiatives, albeit more cautiously.
Emerging disruptors vs. enterprise organizations
The report highlighted critical differences between the blockchain deployment strategies of traditional enterprise organizations and organizations that Deloitte classifies as disruptors.
Enterprise organizations, in implementing blockchain solution, find ways to integrate the technology into the current systems and focus on changing their processes to work with blockchain solutions.
Disruptors, on the other hand, develop their business processes with blockchain from the outset.
This fundamental difference makes disruptors more flexible and agile in adapting new developments and ensures they’re unfazed in the face of challenges.
And as the technology continues to mature, disruptors are no longer fixated on blockchain technology per se, but instead revamping existing business models to be more dynamic and blockchain friendly.
The small sample which the survey identified as disruptors with more advanced deployments of the technology focus on the new business models and value chains the technology brings forth. Forty-two percent of them cited this as blockchain’s significant advantage.
Proceeding with caution
Despite being further down the maturity curve in blockchain development, the disruptors much like their larger enterprise competitors are proceeding with caution when it comes to deploying the technology.
About 20 percent of the disruptors, according to the survey have admitted that blockchain may have been overhyped, and a similar number of enterprise players seem to concur with that notion.
However, the smaller yet agile and nimble organizations within the disruptor class appear to trot along the with a sense of pragmatism and hope that their investments will see a positive return.
Furthermore, these disruptors which are also pioneers in blockchain adoption have a crucial role within the development ecosystems.
They’re expected to come up with viable blockchain-solution before a more extensive adoption by others, especially larger players and traditional organizations.
And thus, despite the differences, in culture and strategy, the two types of organizations form a symbiotic relationship, in terms of blockchain development and continued innovation, the Deloitte study posited.