Although the prices of cryptocurrencies are still significantly down from their all-time highs in 2017 and the beginning of 2018, the industry as a whole has experienced positive and consistent developments and partnerships from mainstream players in the fintech industry.
For instance, we’ve just entered 2019 and there have already been drastic developments in the crypto industry from established financial institutions like JP Morgan Chase and Banco Santander delving into the crypto scene.
Cryptocurrencies Gaining Mainstream Popularity
Reporting on the recent rise of mainstream popularity into cryptocurrencies is KPMG, a company providing audit, tax, and advisory services. KPMG surveyed over 740 global leaders in the technology industry from 12 countries and published their findings in a report dubbed the 2019 Technology Industry Innovation survey.
The survey found that 41% of tech leaders would implement blockchain technology into their business over the next 3 years. As for the rest of the survey participants, 31% were neutral, indicating they may or may not, and 28% said they would not likely implement the nascent technology within the next 3 years.
Another interesting question the survey asked was whether blockchain technology would change the way tech companies do business over the next 3 years. The responses were very similar, with 48% saying very likely/likely, 24% being neutral, and 27% saying not likely/not likely at all.
Per the recent KPMG blockchain survey results, and as reported by Forbes, Damien Ducourty, co-founder of B9lab – leading provider in blockchain education and training – said that blockchain technology has the power to change an array of industries.
“Incumbents can choose to be part of the potential transformation and shape the change or try and streamline their existing practices. It seems many companies are keeping their options open by doing both.”
Leading Blockchain Industries
The KPMG blockchain survey also included a series of questions regarding the challenges and benefits of blockchain technology, as well as the industries that will be most greatly affected.
According to the survey, the industries that stand to be disrupted by blockchain technology the most over the next 3 years will be Internet of Things (IoT) processes at 27%, trading at 22%, reduced cyber risk at 20%, and contracts at 18%.
As for the biggest challenges deriving from adopting blockchain technology in the next 3 years, 24% of respondents said it will be unproven use cases, 14% said technology complexity, and 12% said lack of capital to fund new investment.
The final published question was regarding the top benefits blockchain technology would bring, in which 23% of respondents said improved business efficiencies, 12% said product and/or service differentiation, 9% said cost reductions, and another 9% said new business insights from incremental data.
All in all, if anything can be taken from these survey results, it’s that blockchain technology is gaining traction among global leaders in technology. It’s no longer a question if blockchain technology will prevail in the future, but when and how so.
Do you think we will see more fintech institutions delve into the crypto industry soon? What bank will be next to launch their own cryptocurrency? Let us know what you think in the comment section below.