Findings Show U.S. Execs in the Dark on Blockchain

by CDW Financial Services|Jan 2, 2017

Search the term “blockchain” and you’re sure to find a long list of new articles and content about blockchain technology. But how much do U.S. executives know about blockchain?

This week’s FIN News shares insights from the Global Custodian article, “US Execs Lack Blockchain Savvy Reveals Research,” and highlights research from Deloitte revealing a strong lack of knowledge among senior U.S. executives on blockchain technology. Here are the highlights:

  • In an anonymous online survey of 308 “blockchain-knowledgeable” senior executives at organizations with revenue of $500 million or more, 39% of senior U.S. executives admitted they lacked knowledge of the technology.
  • The research also found almost 40% of surveyed senior executives with large U.S. companies have little or no knowledge about blockchain technology.
  • In spite of such results, many of those surveyed still consider the technology to be crucial to their company and industry, with 55% believing their organization would be at a competitive disadvantage if it failed to adopt the technology.
  • The executives did recognize the importance of blockchain. More than 25% of respondents said their companies view blockchain as a critical, top-five priority.
  • But 30% of respondents also consider the technology overhyped.
  • Other results from the research showed there is a lack of industry consensus on the factors driving blockchain’s growth.
  • According to Deloitte, the results are a reflection of the fact that, despite the hype, the impact blockchain will likely have on businesses is not yet fully understood.

Want to get up to speed on all things blockchain? Our blockchain infographic shares great insights for the financial services industry.