Why C-suite execs are pursuing blockchain

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Blockchain is seen as a serious space of curiosity by enterprises seeking to spend money on deep tech options, a brand new report suggests.

An industry-wide survey carried out by quantum computing agency Seeqc revealed that 67% of government decision-makers feared falling behind opponents in the case of rising applied sciences. With this in thoughts, 57% of huge enterprises are actively creating deep tech options so as to resolve 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 unravel 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 companies pursuing deep tech options, with 50% of respondents naming it their primary concern.

The subsequent most typical deep tech software being prioritized by corporations is 3D printing on a big scale (35%), adopted by renewable power 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 house 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 that they had witnessed opponents making in-roads within the house 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 house. The report reveals that 87% of government decision-makers had fears and anxieties regarding their pursuit of deep tech, with 74% admitting they feared making the fallacious funding.

The businesses surveyed mentioned their primary space of funding was in established companies 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 just isn’t anticipated to repay instantly. CEO of Seeqc, John Levy, mentioned it could be years earlier than deep tech options attain maturity.

“Will probably be years earlier than the typical individual has entry or purpose to make use of one thing so superior as a quantum laptop or profit from a totally autonomous automobile, however the enterprise purposes for these applied sciences are already making themselves obvious in in the present day’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 belongings, Sheila Warren, warned that the cryptocurrency {industry} would quickly be topic to a “dramatic” spherical of regulation, as curiosity within the house grows.