JULY 13, 2018
Breaking Blockchain Open
By Mark Loehrke, Editor, Financial Managers Society
credit union executives have likely read plenty about the
potential of blockchain to disrupt their industry in the coming years, but
most of the stories have probably felt pretty far-removed from the day-to-day
reality of what’s going on in their institutions in the here and now.
So a new global
blockchain survey from Deloitte may seem like more of the same – a peek
into the crystal ball that, while interesting in a future-tense sort of way,
doesn’t really offer much to stir the pot today. But while even the survey’s
authors admit that blockchain isn’t quite ready for primetime just yet, they’re
also quick to note that the breakout moment is getting closer every day. And
with so many of the respondents in the survey hailing from the financial
services arena (23%), this may be one blockchain story worth heeding.
of the survey’s main findings is that blockchain is quickly moving from the
realm of exploration and discovery to the more meat-and-potatoes work of
actually using the technology to build practical business applications.
Already, 34% of the survey respondents report that their companies have some
type of blockchain system in production, while another 41% expect to deploy a
blockchain application of some sort in the next 12 months.
Even so, the
survey also found that while many businesses believe in blockchain’s
potential to disrupt and revolutionize their industries and the overall
economy, a healthy percentage of respondents still believe that for all the
talk about blockchain’s promise, there are very few active-use cases they can
currently employ to advance their belief in the technology. The survey’s
authors note that, because of this, a certain sense of “blockchain fatigue” has
set in among those who feel its potential has been over-communicated, while its
real-world benefits remain elusive. Still, based on what they see as
blockchain’s likely adoption rate within the next three years, they strongly
believe that organizations need to evolve their thinking around the technology.
In other words, even for businesses that may not see the
technology as worthy of their attention or concern in the present day – such
as, perhaps, many community banks and credit unions – it doesn’t hurt to learn
and absorb as much as they can about blockchain now in order to be better
prepared for the decisions and opportunities likely to come in the near future.