Semiconductor Industry Records Highest Blockchain Adoption Levels

A research carried out by global professional services firm Accenture has shown that in connection to the adoption of blockchain technology, the semiconductor sector is presently leading the pack with the highest levels of bullish sentiment as opposed to other sectors that were studied.

The research which studied mostly senior executives at firms which bragged of having annual revenues of at least US$o.5 billion indicated that 88% of the executives in the industry to have used blockchain technology in their organization’s systems in the coming years. The features of blockchain technology that make it attractive to the industry include its immutability, security, and decentralized nature. According to the research, this can help in minimizing operational costs, improving inter-company collaborations, and enhancing efficiency in the supply chain.

The head of the semiconductor practice at Accenture, Syed Alam noted that blockchain could lower the time it takes to introduce new products.

“Throughout the industry’s complex supply chain, blockchain simplifies business operations leveraging semiconductor chips and related technologies. This faster traceability will improve companies’ business operations and accelerate delivery of their products to market – while enabling them to do so at lower costs. Semiconductor companies can also use blockchain to create, scale and manage technology-based collaborations and redefine future business transactions.”

In addition to the semiconductor sector, other industries which were part of the study include aerospace and defense, industrial equipment, life sciences, insurance, software and platforms, automotive, chemicals and communications.

86% of the executives in the aerospace and defense industry conveyed bullish in relation to the adoption of blockchain technology in their industry.