In a study published by a global research firm, Accenture, the semiconductor sector amongst all other industries in technology and sciences, has expressed the most optimism to the adoption of the blockchain technology.
The published results of the study were reportedly polled majorly by top senior executives in a respective industry, with the minimum criteria for consideration being an annual revenue of half a billion USD dollars for every firm that was studied. The outcome reveals a healthy 88% of senior executives in the semiconductor sector bullish in their sentiments towards the adoption of blockchain in their respective firms. Majority of these organizations are expected to have integrated the decentralized ledger technology into their firm’s systems in at most three years.
The blockchain bullish rise in favour within the semiconductor industry is not down to coincidence, as the research reveals the choice features of the blockchain is potentially integral to the sector such as its guaranteed immutability, security and decentralized nature. These features are bound to become an essential part in the evolution of the industry with their benefits including significantly low operational costs, enhancement of inter-company collaborations, and assured improvement in efficiency in the chain of supply.
Blockchain Saving Time, Saving Money
One of the most admirable assets of the blockchain to the industry is the reduced time it would take to launch new products, according to Sven Alam, the head of the semiconductor practice at Accenture. He explained the process, highlighting how the technology makes business operations faster and less costly simply by simple simplification. He enunciated:
“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.”
The semiconductor industry is not the only one to post high numbers, with the Aerospace and Defence sector coming close at second with 86%. While Industry Equipment, Life Sciences, and Retail sectors all follow tightly at 85%.
What’s the catch? That Communications which comes 10th on the poll also boasts a high 81% only goes to show how far the blockchain technology has come. If anything, it is on its brink of revolution.