Understanding blockchain’s potential to transform business
Every disruptive technology first makes an impact somewhere, often with just one so-called lighthouse industry that stands at the leading edge of adoption. A particular group of companies and customers grasp that technology’s long-term value and the ways it might upend current thinking. Aerospace companies, for example, envisioned early on 3D printing’s long-term potential far beyond prototyping and low-volume, “low-risk” spare parts.1 Industrial manufacturers envisioned the potential of robotic technologies in transforming widescale automation processes.
Over time, organizations from a wider array of industries came to see the potential of these and other disruptive technologies as they found more practical and diverse mainstream applications. Some term this process of industrial adoption the diffusion of innovations.
With leaders across industries looking at potential applications, many may wonder: How are different industries adopting and leveraging blockchain technology? Why might companies in one industry, but not others, be highly concerned about a particular kind of barrier to adoption? What is holding back certain industries from greater investment? Do blockchain attitudes and investments vary by industry because of something inherent about the technology? Or is it something about different industries’ individual cultures?
What Deloitte discuss in their main survey article speaks to truths at a high level. Yet much can be learned when the level of analysis takes place at a deeper, industrial level. To that end, what we can infer from differences in the ways that individual industries have viewed and adopted blockchain thus far may tell much about what we should expect as blockchain enters its next chapter of mainstream adoption.
In this article, Deloitte take a look at the data from our 2019 survey through an industrial lens. While taking a 30,000-feet perspective, we will also examine individual industries in more specific detail. We hope that the reader will come away with the sense that where industrial adoption of blockchain is concerned, there is no single template to follow and one size most assuredly does not fit all.
In this article they organize our analysis of the survey data through an industry lens. In so doing we identify 10 industrial groupings: consumer products; energy and resources (ER&I); financial services; industrial products and construction (IP&C); life sciences and health care (LS&HC); manufacturing; professional services; retail, wholesale and distribution (RW&D); technology, media, and telecommunications (TM&T); and “other.” The last category (“other”) includes automotive; travel, hospitality & services; higher education (private); government & public services; agricultural products & food processing; and aerospace & defense.