Institutions Are More Committed To Blockchain Technology Than Ever: Deloitte Survey

  • Global industry leaders are embracing blockchain technologies and digital currencies in a rate unseen before, according to the latest annual edition of Deloitte’s “2020 Global Blockchain Survey”.

A survey conducted by 1,488 executives across several industries across 14 countries, including Canada, China, Brazil, USA, South Africa, U.K., United Arab Emirates, and Switzerland revealed 55% of the big corporations are looking at blockchain integration as a top-five strategic priority in their companies. The key takeaway from the 2020 Global Blockchain Survey is,

“Organizations appear to be more committed to blockchain technology than ever and demonstrating this by implementing it as part of their normal course of business.”

Note: the survey focused on executives who had a clue on blockchain technologies tilting the overall distribution. Additionally, 100 respondents who have already tested blockchain integration within their companies (must have at least $3 million in VC funding) were also included in the survey.

Industries showing extreme blockchain tech craze

The number of executives that have brought blockchain technologies into production in their firms stands at 39%, a sharp rise from 23% in 2019. For larger firms, those with at least $100 million in revenue and $1 billion, the number goes up to 41-46%.

Deloitte Survey
Deloitte Global Blockchain Survey 2020

Digital assets as a replacement?

The digital currency race seems just as important as that of blockchain technology integration, with 89% stating digital currencies will be used in their industry in some way. Of these, 53 percent believe that digital assets will become “very important” in their line of industries.

These institutions are also gunning for the growth of a wide variety of digital asset classes with enterprise tokens, asset-backed stablecoins, and decentralized tokens such as BTC, a popular opinion. In a question on whether digital assets will, in the future, replace the fiat currency system, the group overwhelmingly agreed despite the different countries.

China leads in this aspect, with 94% of the respondents saying a digital currency will replace the Yuan. Brazil and UAE respondents also saw high scores of 92% and 90%, respectively. However, only 71% of South Africans believe digital currencies will replace the Rand.

Skepticism Surrounds Blockchains

However, despite the growth in institutional appreciation of blockchain, there is growing skepticism surrounding the hype of the blockchain technologies and whether they can deliver on promises. 54% of the respondents believe the technology is overhyped, a rise from 43% and 39% in 2019 and 2018, respectively.

Deloitte-Survey
Deloitte Global Blockchain Survey 2020

Cybersecurity has been one of the critical areas affecting the overall adoption and advancement of blockchain and digital assets strategy across industries, 21% of the respondents said. Positively, nearly 60% of the respondents believe cybersecurity is part of the problem to solve hence needed to be figured out in their strategy.

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Author: Lujan Odera

Æternity Partners With A Uruguayan Political Party To Build Democratic Voting On Blockchain

Uruguay’s Digital Party, a political party aiming at digitizing and embracing tech in its actions, announced the use of blockchain in conducting internal democratic practices. The political party partners dApp blockchain platform, Æternity, to build a decentralized and trustless platform for Uruguayans to vote and participate in political decisions in a transparent and optimized system.

Promoting Democratic Practice Through Liquid Democracy Blockchain

The Æternity development team will work with the party to develop UDP’s internal governance system using its own internal community decision making protocols. Speaking on the partnership with the political party, Æternity Americas CEO, Pablo Coirolo, said,

“The application of democratic governance that will be implemented by the Digital Party is based on the internal governance solution that aeternity uses for internal community decision-making, which is a completely new architecture, allowing greater participation of citizens in political decisions at all levels, with unalterable reliability.”

According to the post, the political party aims to harness Æternity’s architecture and a “liquid democracy blockchain” platform that uses virtual tokens and a set of smart contracts to provide a decentralized and trustless democratic system for its citizens.

Extensive reach in South America

Æternity blockchain has a high prevalence in Latina and South America and a number of companies are looking to adopt its protocols to launch their dApps. In September, legalized marijuana firm, Uruguay Can, announced the launch of a cannabis supply tracking system on the Æternity blockchain. This is the first official tracking of cannabis supplies in the region allowing suppliers and users to track the plant from seed stage till the drug store.

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Author: Lujan Odera

Brazilian State Of Bahia Launches Online Bid Solution (SOL) Blockchain To Track Govt. Contract Bids

The-Brazilian-State-Of-Bahia-Launches-Blockchain-Platform-To-Track-Government-Contract-Bids

Brazil has been embracing Blockchain technology recently and has taken another step in that direction. They have launched Online Bid Solution (SOL) which is a blockchain based platform to track the process of public bidding on government contracts.

The system was developed by a firm named Cayenne Technology and Design, and the application uses the technology blockchain, to save the information on the purchases, with code available for other states to use it. All bidding data becomes available and stored in a digital environment, making the process secure and transparent.

The government of Bahia that the primary target is the country’s agricultural sector. Presumably, the plan is to make sure every part of the industry is connected via a streamlined platform. The press release states:

“The application, already available in the Play Store and the Apple Store, will be used by about 1,100 agricultural associations and cooperatives in the states of Bahia and the Rio Grande do Norte, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank.”

This is the second big blockchain news coming out of Brazil in the past few days. Earlier Bitcoin Exchange Guide had reported that the coffee industry in Brazil is embracing the new technologies as Minasul, one of the leading cooperatives for coffee farmers adopts blockchain technology and announces the launch of a digital coin in the next month. The digital coin is expected to be fully backed by the coffee produce and will be traded on a decentralized marketplace for goods related to coffee production.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu Sinha