Global auditing and consulting firm Deloitte has just released a report which indicates that blockchain technology cannot be overlooked by business as it is destined to become standard technology, Coingeek reports.

The report, ‘New Tech On The Block’, suggests that businesses not choosing to employ the technology in the future stand the risk of being left behind those who are already utilizing it.

The research featured a study of 50 blockchain use cases consisting of three areas – payments and contracts, supply chains and consumer services; each area was scored based on added-value from blockchain implementation. The findings revealed that blockchain should be considered a “critical asset” to retail and packaged goods industries and will become “a standard operational technology across the financial, manufacturing and consumer industries”.

Deloitte’s Steve Larke wrote:

“Blockchain has the potential to transform the way that individuals and organizations interact, the way that businesses collaborate with one another, the transparency of processes and data, and, ultimately, the productivity and sustainability of our economy.”

Larke added that he believed that the technology would “thrive” over the next decade.

Numerous household names are already on board such as retail giant Walmart, with pioneering blockchain patents, and French global supermarket chain Carrefour, already using the technology in its supermarkets. Major tech providers like IBM and Microsoft are also offering blockchain solutions to enterprise clients along with adoption by Samsung and software giant Oracle.

Research company Gartner released a report in November 2017 estimating that by 2022, so-called ratified unbundled smart contracts will be in use by more than 25% of global organizations, according to Forbes. Research by the same company indicates that companies can potentially see added-value of over USD 3.1 trillion by the year 2030 by using the technology.

Deloitte suggests that the consumer will be the main beneficiary of blockchain and Fred Smith, CEO of shipping giant FedEx, calls the technology “the next frontier that’s going to completely change worldwide supply chains”.

 

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