Ever since the introduction of blockchain technology into the open market, most business owners and corporate organizations have queued behind the technology and openly embraced it. However, a new survey from Deloitte has indicated that 44% of the top business executive in the United States Of America believes that blockchain technology is overhyped.
The news about the ability of blockchain is deafening; every day presents another perspective to blockchain’s ability and capability and how it solves some problems, from industrial to domestic.
The survey captured the thoughts of business heads in the US, Canada, Germany, and China, and the result showed that 39% of respondents around the world believe that the technology isn’t as projected. But the results in the United States were quite on the high side, as 44% of the top players in the US believes that blockchain is overhyped, which was high, considering that only 34% were of the same opinion in 2016.
In dissecting the reason, the survey realizes that, despite all the noise there are very few companies, who are actually using the technology in all ramification, and as such firms are of the belief that “blockchain fatigue” is setting in among those who feel blockchain’s noise is much more than its real-life benefits.
The firms are thus of the opinion that, though they have heard quite a lot about the usefulness of the technology, it will be pretty hard for blockchain technology to fit into their model, because nobody likes to alter a winning model. The survey also realizes that only 34% of companies have initiated the deployment of the technology.
A Movement Towards Pragmatism
Delloite, in their analysis, said “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.”
Observers are quick to react by saying that the company also overestimated the pace at which the technology will grow in 2016, but it failed to meet their desired expectation.
More business executives are still interested in investing in the technology, as more than 35% of firms are planning to inject millions in blockchain technology in the nearest future.