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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
HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
Exploring the FXGiants Bonus Options
The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital.
FXGiants is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
Website: https://www.fxgiants.com/
View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-successfully-hosts-2024-mba-professor-training-program-for-western-china-302338458.html
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
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Logo: https://mma.prnewswire.com/media/2031625/5077408/Wirex_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
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