Why C-suite execs are pursuing blockchain

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Blockchain is seen as a significant space of curiosity by enterprises seeking to put money into deep tech options, a brand new report suggests.

An industry-wide survey carried out by quantum computing agency Seeqc revealed that 67% of govt decision-makers feared falling behind opponents with regards to rising applied sciences. With this in thoughts, 57% of enormous enterprises are actively creating deep tech options with the intention to clear up particular enterprise issues, and blockchain is amongst their high 5 areas of curiosity.

Deep tech is a time period utilized know-how which goals to resolve beforehand insurmountable issues utilizing new scientific methods.

The report by Seeqc reveals machine studying and synthetic intelligence to be the primary space of curiosity for corporations pursuing deep tech options, with 50% of respondents naming it their primary concern.

The following most typical deep tech software being prioritized by corporations is 3D printing on a big scale (35%), adopted by renewable vitality options (34%) and quantum computing (34%).

Some 32% of respondents highlighted blockchain and cryptocurrency as their primary focus, forward of drones and superior robotics (29%), climate change mitigation (29%), satellites and area know-how (25%), autonomous vehicles (23%), and neuromorphic computing (23%).

When queried as to why they have been pursuing deep tech implementations, a majority of respondents mentioned they’d witnessed opponents making in-roads within the area and felt compelled to maintain up.

Accompanying these corporations’ willingness to discover new applied sciences, nevertheless, is a typical concern skilled by most within the cryptocurrency area. The report reveals that 87% of govt decision-makers had fears and anxieties regarding their pursuit of deep tech, with 74% admitting they feared making the mistaken funding.

The businesses surveyed mentioned their primary space of funding was in established firms that are already pursuing deep tech (29%), adopted by startups and venture-backed corporations (25%). Corporations additionally mentioned they have been pursuing internally developed options (24%), and investing in analysis teams both funded by governments or universities (21%).

Whereas the cryptocurrency market continues to thrive — with several coins hitting new all-time highs by time of publication — funding in deep tech isn’t anticipated to repay instantly. CEO of Seeqc, John Levy, mentioned it will be years earlier than deep tech options attain maturity.

“It is going to be years earlier than the typical individual has entry or purpose to make use of one thing so superior as a quantum pc or profit from a totally autonomous car, however the enterprise functions for these applied sciences are already making themselves obvious in at present’s most data-intensive industries,” mentioned Levy.

Notably, 35% of respondents mentioned the most important problem they confronted in pursuit of deep tech was navigating the regulatory panorama of their given jurisdictions. Regulation of cryptocurrencies continues to be an ongoing course of, and will conceivably shift the priorities of the enterprises included within the survey.

In April, the World Financial Discussion board’s head of blockchain and digital property, Sheila Warren, warned that the cryptocurrency {industry} would quickly be topic to a “dramatic” spherical of regulation, as curiosity within the area grows.