You would expect that with the business benefits of blockchain that exist, a large number of business executives would have a working knowledge of the technology. However, as a poll by the Global Blockchain Business Council proved, that is not the case. In that poll, it was found that 63% of the respondents feel that senior business executives do not really understand blockchain.
The Global Blockchain Business Council, commissioned a market research company called the PollRight to interview 71 institutional investors, who come from diverse subsections of the field, such as hedge funds, private equity or pension funds. The poll was held through the months of December and January and the results were recently reported in the media.
A whopping sixty three per cent of the respondents, as we have mentioned already, were of the view that business executives occupying the higher notches of the corporate ladder had little understanding of the blockchain technology. This truly sounds quite alarming considering how much the business sector stands to benefit from blockchain. If the business execs themselves are not aware of how the technology works, then implementation can become a major hurdle.
Thirty per cent of respondents took the middle path, saying that the majority of senior executives have a basic understanding of blockchain but not a very thorough knowledge of it. They went for the “average” rating.
The seven per cent that remained responded saying that the top execs had a “good” knowledge of the technology. However, it is indeed disappointing that so few people consider senior business managers’ and executives’ knowledge to be adequate in the field of blockchain technology, even as the fourth revolution approaches thick and fast.
In addition to these statistics, it was seen that seventh six per cent of the respondents felt that senior business executives at leading firms have a lacklustre response to blockchain. Their opinion was that these top members of key business organizations were not really committed to implementing the technology. However, at the same time, the respondents felt that the expenditure on this technology worldwide can be expected to rise by a massive 108% in this year.
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