Answer to Question #250892 in Economics for ten

Question

1.implication of implementing blockchain in DELOITTE company?

2.what Social and ethical issue will likely to happen after adopting blockchain in deloitte?

3.how is block chain helping deloitte?

Answer 1

Blockchain is a distributed database that stores information about all transactions of system participants in the form of a "blockchain". All blockchain users have access to the registry, acting as a collective notary who confirms the truth of the information in the database. Blockchain can be used for financial transactions, user identification, the creation of cybersecurity technologies, etc.

In early July 2020, the consulting company Deloitte summarized the results of a global survey and concluded that blockchain is turning from an experimental technology into a strategic priority for organizations.

Nearly 1,500 senior executives in 14 countries took part in the survey, with 39% of companies already moving their blockchain pilots into production, up from just 23% in 2019. Moreover, 83% of respondents in the Deloitte survey believe they will lose their competitive advantage if they do not use blockchain. In 2019, only 77% of respondents thought so.

The study revealed that blockchain projects are becoming an investment and strategic priority for many companies. Nearly 90% of those surveyed said digital assets will become “very important” or “somewhat important” for the development of their own industry in the next three years. At the same time, 82% of respondents said they are hiring or planning to hire personnel who have already worked with blockchain projects.

Respondents in Brazil, Hong Kong, Israel, and the United Arab Emirates began to note the scalability of blockchain projects, while respondents in Canada, China, and Ireland are more likely to believe that abandoning the use of blockchain could be a loss of competitive advantage. The difference in opinion can be related to the number of blockchain projects launched, and the average figures by country vary greatly. For example, 59% of respondents in China said they use blockchain in manufacturing, compared to 31% in the US.

Skeptics remain the share of those who consider the growth of the blockchain excessive has grown to 54% of those surveyed (in 2019, their share was 43%). But it is believed that it will not be large projects like Facebook Libra that will win the trust, but smaller initiatives that are likely to be more successful at their scale.