Preliminary results shared indicate that 27% of the institutions surveyed expect a “slight increase in spend” for blockchain and distributed ledger technology, while 14% are expecting a large increase. A further 33% expect no change, with the remaining 27% looking to cut their expenditure slightly.
The survey was held between July and August 2020. Respondents included 800 senior executives at financial institutions — banks, payments companies, insurance companies, hedge funds, and other investment companies. The companies were required to have posted at least $1 billion in revenue in 2019 to be included in the survey.
The survey grouped blockchain with a variety of other emerging technologies. While it was not the most popular overall, the technology appears to be quite polarizing: The percentage of institutions that expect a large expenditure increase is the second-highest in the sample, with just cloud computing edging slightly ahead at 15%.
Conversely, only robotic process automation left more institutions unimpressed, as 35% of them expect to wind down their expenditure. Artificial intelligence is a close third, with 26% of respondents expecting to reduce investment.
Following years of promises and expectations, “People will be surprised by the perceived speed and impact in this space next year,” he added.