Business Impact

All Eyes on Blockchain: A New Way to Do Business

A Deloitte survey conducted at the Business of Blockchain conference on April 18, 2017, produced by MIT Technology Review and the MIT Media Lab Digital Currency Initiative, yielded some interesting responses.

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At a time when cybersecurity has become a central concern, digital technologies like blockchains, or distributed ledgers, are increasingly viewed as a potential solution for organizations looking to do business across borders and around the world in a fast, secure manner. At the Business of Blockchain conference, produced by MIT Technology Review in collaboration with the MIT Media Lab Digital Currency Initiative, leaders from a wide array of industries — from finance and healthcare to music and renewable energy — shared learnings on how distributed ledgers can help organizations operate more securely and efficiently. Deloitte conducted a brief survey of conference attendees for a snapshot on what is on the minds of many as they think about the growing impact of blockchains. 

"The survey results indicate that participants see practical use cases for blockchain technology and a role for smart contracts to compliment traditional legal contracts. However, when asked about two important issues related to blockchain adoption – key management and resolving disputes – survey respondents did not have a consensus."Will Bible, Audit & Assurance partner at Deloitte & Touche LLP.

Read on for the results of this survey.

The survey asked which function blockchain will most likely replace in society. Almost 50 percent of respondents answered with payment networks, with title registries a distant second.
When asked what impact smart contracts will have on agreements between companies, a large majority, almost 70%, responded that smart contracts will complement, not replace legal agreements. Very few respondents supported the notion that smart contracts will have no impact, or are unlikely to ever be adopted widely.
When asked who to trust to protect and maintain a private key, most of the respondents, 58%, answered that they trusted no one. Although banks and a third party firm did receive 18% and 15% of the responses respectively.
When asked — in the event of blockchain related disputes between two or more parties —who should solve disputes, 31% said that a blockchain community of users should arbitrate. Coming in second was the traditional court system, with 26%, followed by government regulators, at 25%.
In answer to the question around which areas of the business may yield the most potential benefits from advanced analytics, 40% said operations and almost 36% answered finance.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. In addition, this publication contains the results of an informal survey conducted by Deloitte.  The information obtained during the survey was taken “as is” and was not validated or confirmed by Deloitte. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

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