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In a recent released survey made by KMPG where global leaders in the tech industry are asked about innovations in their areas it seems clear that many companies are looking to implement blockchain technology in the coming years.

Global leaders believes the use of blockchain technology is going to rise in the next three years

The survey from KMPG is its 7th year, and each year they ask 740 global leaders in the technology industry about: new tech innovations, disruptors and challenges. This year the blockchain technology was a key focus. From the survey it was clear that many companies will be implementing blockchain technology soon.

41% very likely to implement blockchain technology in the coming three years, 31% was neutral and 28% not likely to

Further more 48% of the surveyed companies believes that blockchain will change the way their company do business in the coming three years.

IoT processes is going to be the biggest disruptor enabled by blockchain technology

The areas where most people thought blockchain technology would have its biggest impact on was:

IoT processes: For example; tracking software upgrades, product refills, warranties, etc

Trading: e.g. platforms for small businesses

Reduced cyber risk: Reduced risks via ledger authentication

Contracts: payments, insurances, identity controls

Biggest challenges – unproven business cases

The main challenges standing in the way of implementing blockchain technology was the lack of proven business cases. Additionally the complexity of implementing the technology was also considered a big issue.

As we have seen with the scaling issues many current blockchain platforms has, this will continue to be an issue until the likes of Ethereum solves that.

Check out the infographics from the survey here.

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