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Blockchain Adoption Levels Highest in the Semiconductor Industry: Accenture

Last Updated March 4, 2021 3:45 PM
Mark Emem
Last Updated March 4, 2021 3:45 PM

A study conducted by global professional services firm Accenture indicates that with regards to the adoption of blockchain technology, the semiconductor sector is currently enjoying the highest levels of bullish sentiment compared to other surveyed sectors.

The study  which polled mostly senior executives at firms which boasted of yearly revenues of at least US$0.5 billion showed that 88% of the executives in the semi-conductor industry expect to have blockchain technology integrated into their organization’s systems in the next 36 months. The features of blockchain technology that make it appealing to the semi-conductor sector include its immutability, security and decentralized nature. Per the report, these can assist in lowering operational costs, enhancing inter-company collaborations, and improving efficiency in the supply chain.

Shorter Product-to-Market Timespans

Additionally, according to the head of the semiconductor practice at Accenture, Syed Alam, blockchain could shorten the time it takes to launch new products:

“Throughout the industry’s complex supply chain, blockchain simplifies business operations leveraging semiconductor chips and related technologies. This faster traceability will improve companies’ business operations and accelerate delivery of their products to market – while enabling them to do so at lower costs. Semiconductor companies can also use blockchain to create, scale and manage technology-based collaborations and redefine future business transactions.”

Besides the semiconductor sector, other industries which were surveyed include aerospace and defense, industrial equipment, life sciences, insurance, software and platforms, automotive, chemicals, and communications.

In the aerospace and defense sector, 86% of the executives expressed bullishness with regards to the adoption of blockchain technology in their industry. The bullishness level in the life sciences, retail and industrial equipment sectors was tied at 85% while in the insurance and software & platforms sectors it was 84%. In the automotive sector, the level of bullishness was 82% while in the chemicals and communications sectors it was 81%.

Progress Made so far

Various CCN.com reports in the recent past have highlighted the blockchain technology efforts being made by players in some of the above-mentioned sectors. For instance, China’s largest online retailer, Alibaba, recently hit the headlines after it was reported to have filed more than 10% of the blockchain patents in the world. As CCN.com reported earlier this month some of the patents were aimed at enhancing transparency in the supply chain especially with regards to food.

In the automotive sector German luxury car maker, BMW, recently partnered with a blockchain startup with a view of developing a lending solution for its customers. And in the communications industry the 172-year-old news organization, The Associated Press, late last month announced a partnership with the blockchain journalism startup, Civil Media Company, aimed at distributing content on a decentralized ledger platform.

Featured image from Shutterstock.