Deloitte, the Accounting giant, recently conducted a survey. The survey involved more than 1000 “blockchain-savvy” executives from seven countries that include the US, Canada, Mexico, UK, France, Germany, and China. Results of the survey show that 39% of respondents around the world think blockchain is “overhyped”. The figure is even higher in the American context, where 44% see blockchain is overhyped, an increase from 34% in 2016. The problem lies on the fact that despite the constant blab on the blockchain, there are very few practical use cases, hence the “blockchain fatigue” from Deloitte, which is now setting in among those who feel “its potential has been over-communicated, while its real-world benefits remain elusive.”
It was explained in the analysis that established firms face a bulk of legacy concerns in the process of making blockchain fit into an already existing business model, whether or not it will benefit from it. Respondents believe that a variety of obstacles is moving forward. A third saying current return on investment is still “uncertain.” 34% only say that their company has initiated deployment.
In an attempt to put a positive spin on the results, Deloitte analysts wrote that: “On their own, these numbers seem to indicate that blockchain is moving in the wrong direction. However, we believe this change in attitude is more reflective of the shift toward the pragmatists in the blockchain community.” They added that “Based on our experience with the emerging disruptors, we believe blockchain adoption is far more advanced in the United States than the Deloitte global survey indicates.” Let’s not forget that their 2016 report had also overestimated the pace at which blockchain production would have materialized, compared to what really happened, thus far.
According to the analysis, a lot are still skeptical and they regard blockchain as the overhyped engine behind a fleeting or impermanent and unregulated financial market.