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As Adoption Continues to Rise, Companies Race to Unlock Practical Applications of Blockchain Technology, Deloitte Survey Finds
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Blockchain investment continues to surge as new, practical business applications gain traction and business leaders begin to see beyond the “hype cycle,” according to Deloitte’s “2019 Global Blockchain Survey,” released today. While blockchain implementation continues to increase across financial services, its transformational importance is gaining momentum across multiple sectors, including technology, life sciences, media, telecommunications and government. The survey reveals that executives see blockchain as a more mature solution, while they’re taking pragmatic approaches toward investments and adoption.
Eighty-three percent of the 2019 blockchain-savvy survey respondents cite that their organizations see compelling use cases for blockchain, and more than half (53%) reported that blockchain technology has become a critical priority for their organization this year — a 10 percentage point increase over last year. This momentum is translating into action, with 40% reporting that they are willing to invest US$5 million or more in new blockchain initiatives over the next 12 months.
Moving from ‘will it work’ to ‘what will it disrupt’
More organizations across a wider variety of sectors are expanding and diversifying their blockchain initiatives. This is occurring even as uncertainty remains about having the talent, strategic vision and experience to adopt blockchain solutions and fully realize the technology’s benefits. Overall, survey respondents pointed to more diverse advantages than in 2018. For example, there was a 12 percentage point increase in those planning to replace current systems of record with blockchain — which demonstrates the technology’s increasing maturity.
“The tone and terms of the debates around blockchain are shifting, according to this year’s study, incorporating more use cases and strategic visions of the future,” said Linda Pawczuk, principal, Deloitte Consulting LLP and U.S. blockchain leader. “As the blockchain story continues to mature and begins a new chapter, we believe the question for executives is no longer ‘Will the technology work?’; but, ‘How can we make this technology work for us?’”
Moving to application: enterprise companies and emerging disruptors unleash blockchain’s potential
In addition to surveying enterprise respondents, Deloitte targeted a sample of emerging disruptors — leaders at companies who built their business models around the technology. With more familiarity, emerging disruptors are leveraging blockchain to reinvent business models and reduce friction across organizations:
- Emerging disruptors overwhelmingly cite business models and value chains (42%) as the most significant advantage of blockchain, whereas enterprise respondents were equally split between security/lower risk and business models/value chains (23% for both).
- In fact, 71% of enterprise organizations believe that blockchain provides greater security than conventional information technology solutions, while only 48% of emerging disruptors feel the same.
- When asked, 4 in 5 emerging disruptors expect to see results from blockchain implementations within three years, as opposed to 3 in 5 enterprise responders.
- When asked about barriers to adoption, enterprise organizations had little consensus. In contrast, emerging disruptors overwhelmingly (71%) chose regulatory issues as the greatest barrier to blockchain adoption.
Talent, strategic and other concerns remain
While the perception of blockchain is shifting on a global scale and it continues to gain traction and acceptance across a growing number of industries, enterprise and emerging disruptor executives are approaching blockchain with caution and a measure of skepticism:
- The number of respondents who see blockchain as overhyped grew from 39% last year to 43%.
- Most respondents list blockchain as a top-five priority, yet just 23% expect to initiate new blockchain deployments in the next year, a decline from 34% in 2018.
- Talent remains a concern for organizations, as 28% — the same as in 2018 — cited lack of skills or “in-house capabilities” as a barrier to success.
China, other countries globally see increasing practical utility from blockchain
Just as emerging disruptors are changing the dynamics of the industries and sectors in which they compete, new blockchain initiatives in different countries and regions are affecting how blockchain is implemented around the world. The survey profiles the drivers and attitudes that affect blockchain development in China, Singapore and Israel, which can serve as guides for organizations that are looking to do business with global partners and show how innovation is informed by context. Key findings include:
- In China, 73% of survey respondents said blockchain is a top-five strategic priority, a figure substantially higher than most other countries.
- More than half of survey respondents in China and Singapore are currently hiring blockchain staff.
- Most respondents from China, Singapore and Israel say they need to see a return on blockchain investment within three years.
Blockchain consortia continue to demonstrate robust interest across sectors
The survey further explores attitudes toward blockchain consortia, as businesses in a variety of industries continue to join and explore the consortium model to develop blockchain applications, share expertise, and catalyze the broader blockchain ecosystem. The overwhelming majority of respondents (92%) either belong to a consortium or plan to join one in the next 12 months. Respondents cited alignment on objectives (41%), quality and stature of other members (37%), and opportunity for influence (36%) as primary criteria for joining a consortium. The majority expect cost savings (57%) and accelerated learning (55%), indicating that blockchain consortia still have an important role to play as blockchain technology matures and practical applications begin to make their impacts felt across businesses. While consortia present challenges for blockchain practitioners — including intellectual property concerns; funding uncertainty; and business, technology and regulatory risk factors — they will continue to figure in the blockchain landscape.
Executives have begun to ask challenging, granular, and increasingly pragmatic questions about blockchain technology that demonstrate an emerging awareness of its evolution. Blockchain technology works. Now, executives must figure out how to make it work for “their” businesses, how to make the most of disruptive innovation in the space, and how to align within the entire blockchain ecosystem as it begins a new chapter.
“It’s critical for organizations to ask the questions that will help discern blockchain’s real value from myth and hype. We’re still in early stages of discovery for blockchain, and there are blind spots to explore as well as benefits,” said Rob Massey, partner and global blockchain leader for Deloitte Tax LLP. “At Deloitte we’re committed to helping organizations of all sizes and sectors navigate the enormous market opportunities and risks that blockchain presents.”
The survey was conducted from early February to early March 2019 and polled a sample of nearly 1,400 senior executives in 12 countries. To access the full report, visit: 2019 Global Blockchain Survey.
Deloitte to present findings at Consensus 2019 event
A panel of Deloitte blockchain executives will present the survey’s findings at Consensus 2019, Monday, May 15, at 11:20 a.m. EDT. The panel, “Getting Down to Business in Blockchain,” will showcase Deloitte’s approach to blockchain, which it sees as a multidimensional set of risks and opportunities across innovation, business model disruption, tax, audit, regulatory, security and privacy concerns.
SOURCE Deloitte
A strategic partnership between two of the largest Qatari companies to add value to the local and regional market, enhancing food security and innovation in several key sectors.
DOHA, Qatar, Nov. 16, 2024 /PRNewswire/ — Senyar Trading & Distribution Company and Al Baladi Holding have announced the launch of their strategic partnership under the name of ‘Al Faisal Al Baladi Holding’. The launch ceremony was attended by Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding, and Mr. Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding. This partnership aims to provide added value to the Qatari and regional markets, and to enhance the role of Qatari companies in supporting and developing the local economy in line with Qatar National Vision 2030.
Within this partnership, a strong economic icon was established under the name ‘Al Faisal Al Baladi Holding Group’, capable of implementing huge projects across the MENA region in a number of different vital sectors, especially livestock and agricultural production projects, which contributes to supporting food security and enhancing livestock in a sustainable manner. In addition, the retail sector constitutes a significant part of the Company’s activities.
Al Faisal Al Baladi Holding Group Holding includes Al Faisal Al Baladi Holding LLC, based in Qatar, Al Faisal Al Baladi Group for Malls Management and Operations, based in Egypt, and Al Faisal Al Baladi Holding, based in the Sultanate of Oman. As well as livestock and agricultural production, these companies will operate in several diverse sectors including distribution and wholesale, manufacturing, hospitality and hotels, restaurants, food and beverages, with the retail sector also constituting a significant area of focus. Through these activities, they will seek to meet the growing demand for innovative products and solutions, while supporting sustainable economic development in Qatar and the region.
Commenting on this announcement, Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, stated: “I am pleased to witness the formation of this strategic partnership that represents the development of the private sector in Qatar and enhances its ability to compete through cooperations built on solid foundations. This partnership is a realization of Qatar Vision 2030 of empowering the private sector and enhancing its contribution to the local economy. I wish both parties success in this promising partnership.”
Mr Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding and Chairman of Al Faisal Al Baladi, said: “We are delighted with this cooperation which opens new horizons for growth and expansion. Al Baladi Holding has achieved remarkable successes in recent years, and this partnership comes to underpin our position in the market and expand the scope of our activities. We hope that Al Faisal Al Baladi Holding will contribute to the development of successful and innovative projects that will be a source of pride for everyone.”
Sheikh Mohammed bin Faisal Al Thani, Vice Chairman of Al Faisal Al Baladi Holding, added: “We share common goals, integrated resources, and expertise with Al Baladi Holding. Through this partnership, we will achieve integration and synergy in diverse businesses to maximize value for all parties, including consumers and investors, which will benefit all stakeholders and contribute to achieving a positive impact across every level.”
Mr. Abdullah Mohammed Al Attiyah, Vice Chairman of Al Baladi Holding, said: “Undoubtedly, the stability of the Qatari economy, the diversity of investment opportunities, and the positive business environment, have all contributed to Al Baladi Holding’s market leading position. We look forward to this partnership with confidence in its promise to help build a bright future”
Mr. Tarek Mahmoud Al Sayed, Board Member of Al Faisal Al Baladi Holding, added: “Food security projects hold special importance, especially in their comprehensive and sustainable concept, which constitute an essential part of our future strategy. We seek to play a pivotal role in the region through livestock and agricultural production projects, as we currently own a number of livestock and agricultural production companies in Qatar and Oman, and we plan to expand and launch new projects in a number of countries in the region and North Africa. This will support Al Faisal Al Baladi in becoming a leading company in achieving food security at the regional level.”
Mr Hany Al Sayyadi, CEO and Board Member of Al Faisal Al Baladi Holding, concluded by saying: “This partnership strengthens our diversified investment portfolio and facilitates the expansions of our presence in regional and global markets. Our vision is to achieve a strong presence in the Middle East region, by focusing on innovation and quality in all our sectors. This partnership is a natural extension of the vision of both companies to enhance economic integration and contribute to driving development in Qatar and the region.”
Al Faisal Al Baladi plans to expand its business activities in regional and global markets, by utilizing the diverse investment opportunities represented by the manufacturing, hospitality and retail sectors. The Group’s current portfolio includes more than 30 leading companies in their fields, including Al Baladi and Al Baladi Express Markets, Al Wajba Dairy and Juice Factory, City Limousine Company, in addition to a number of restaurants and companies in the food sector, and many others.
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Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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