Deloitte 2019 Global Blockchain Survey

Deloitte’s 2019 Global
Blockchain Survey
Blockchain gets down to business

DELOITTE BLOCKCHAIN
At Deloitte, we collaborate globally with clients on how blockchain is changing the face of busi-
ness and government today. From physical asset traceability, clinical supply chain, global trade
finance, cross-border payments and remittances, post-trade processing to voting and digital
identity—you name it. Right now, new ecosystems are developing blockchain solutions to create
innovative business models and disrupt traditional ones. This is occurring in every industry and
in most jurisdictions globally. Our deep business acumen and global multidisciplinary model
help organizations across industries achieve their varying blockchain aspirations. Reach out
to our leaders to discuss the evolving momentum of blockchain use cases, prioritizing block-
chain initiatives, and managing the opportunities and pain points associated with blockchain
adoption efforts. Let’s talk.

2
Introduction
S
INCE THE FIRST blockchain advocates began
promoting the technology’s capabilities
over a decade ago, leaders across industries
have often seemed unsure what to do with it. But
in 2019, something unmistakable appears to be
happening. What has emerged is a shared recogni-
tion that blockchain is real—and that it can serve as
a pragmatic solution to business problems across
industries and use cases. This is not some far-
flung vision held by long-standing believers in the
technology. Even leaders wary of tech-based solu-
tions have come to see the larger, transformational
importance of the technology.
Though blockchain hasn’t reached its full poten-
tial, savvy executives surveyed for Deloitte’s 2019
global blockchain survey are confident about new
and evolving use cases; they continue to see the
technology as a connecting platform that can enable
many business processes. Since our last survey,1
respondents report that overall corporate block-
chain investment is growing across most sectors as
new, practical applications gain traction.
Like young college graduates quickly adjusting
their expectations after entering the workforce,
executives have seen time and practical consider-
ations refine and define their view of what is possible
in using blockchain into what is plausible—and
what is practical. What we’re seeing in 2019 is the
continuing evolution of blockchain from a capable
yet underdeveloped technology into a more refined
and mature solution poised to deliver on its initial
promise to disrupt.
The question for executives is no longer, “Will
blockchain work?” but, “How can we make block-
chain work for us?”
OVERVIEW AND METHODOLOGY STATEMENT
Deloitte conducted this survey between February 8 and March 4, 2019, primarily as a research
vehicle to gain greater insights into the overall attitudes and investments in blockchain as a
technology. The release of the survey highlights in this article reflects those opinions and perceptions
around blockchain and the potential impact of the technology in the future. The information shared
provides summaries of a subset of the overall data and insights collected.
The survey polled a sample of 1,386 senior executives in a dozen countries (Brazil, Canada, China,
Germany, Hong Kong, Israel, Luxembourg, Singapore, Switzerland, United Arab Emirates, United
Kingdom, and the United States) at companies with US$500 million or more in annual revenue for
US respondents and at companies with US$100 million or more in annual revenue for respondents
outside of the United States. Respondents had at least a broad understanding of blockchain and
were familiar with and able to comment on their organizations’ investment plans.
Between February 18 and March 8, 2019, we also administered the survey to executives at a group
of 31 blockchain emerging disruptors to gauge their attitudes and investments in blockchain as a
technology. All of these emerging disruptor respondents had revenue of less than US$50 million.
Deloitte’s 2019 Global Blockchain Survey

3
2019 survey highlights
L
AST YEAR’S SURVEY showed blockchain adop-
tion reaching a turning point: Momentum had
begun shifting from “blockchain tourism” and
exploration toward the building of practical business
applications. Financial services and, more specifi-
cally, the financial technology (fintech) sector were
leading in blockchain development, while other
industries were cautious in their search for use cases
to provide a return on investment to justify the cost
and effort of implementing blockchain solutions.
Today, fintech remains a blockchain leader, but
more organizations in more sectors—such as tech-
nology, media, telecommunications, life sciences
and health care, and government—are expanding
and diversifying their blockchain initiatives. Still,
despite these advances, progress remains measured
in the wake of blockchain’s first cyclical rise and fall,
and the resulting attitude shifts following the initial
blockchain buzz.
On a positive note, this year’s survey reveals
continued strong investment, with those willing
to invest US$5 million or more in
new blockchain initiatives over the
next 12 months, holding steady
at 40 percent (up a point from
2018). Simultaneously, 53 percent
of respondents say that blockchain
technology has become a critical
priority for their organizations in
2019—a 10-point increase over last
year (see figure 1). Moreover, 83
percent see compelling use cases for blockchain, up
from 74 percent (figure 2), and respondents’ overall
attitudes toward blockchain have strengthened
meaningfully.
Other 2019 survey data points to signs of
blockchain’s increased maturity. For example,
respondents saw blockchain providing more
diverse advantages than in 2018. Similarly, the
increasing diversification of potential use cases for
blockchain—and the wider array and greater parity
of identified barriers to blockchain adoption (figure
3)—suggest further signs of maturation.
Anecdotally, and taken as a whole, we read
these responses as demonstrating that blockchain
is maturing in the eyes of many executives and
decision-makers who are increasingly seeing the
Fifty-three percent of respondents
say that blockchain technology has
become a critical priority for their
organizations in 2019—a 10-point
increase over last year.

4
technology’s real promise. But not everyone is fully
on board. Though a majority of respondents call
blockchain a top-five priority, only 23 percent have
already initiated a blockchain deployment—down
from 34 percent. Attitudes about blockchain may
be improving (see figure 2), but 43 percent still see
blockchain as overhyped, up from 39 percent last
year.
Are these attitudes as counterintuitive and
contradictory as they seem? The dissonance
could reflect a growing pragmatism—one that we
first noted last year. As blockchain is expected to
continue along a traditional path of maturation and
self-discovery, signs of dissonance and caution may
reflect the technology’s health as it likely evolves
into a more grounded business solution.
Indeed, blockchain is gaining traction and accep-
tance in more industries, from fintech to technology
to media to telecommunications to government to
life sciences and health care. Our research shows
executives increasingly expressing confidence in
blockchain’s importance and its disruptive potential
that matches some of the most ambitious and far-
reaching claims about its transformative potential.
This reflects a “seasoning” of the collective
opinion toward blockchain based on increased
exposure to the technology and a better under-
standing of its abilities and drawbacks in practical,
day-to-day business use cases.
N=1,386 (2019 global enterprise); N=1,053 (2018 global enterprise)
Note: Some percentages may not total 100 percent due to rounding.
Source: Deloitte's Global Blockchain Survey, 2018 and 2019.
Deloitte Insights | deloitte.com/insights
FIGURE 1
Views of blockchain’s relevance within organizations (2019 vs. 2018)
Most respondents now see blockchain as a top-five strategic priority, a jump of 10 percentage
points over 2018
Survey question: Which of the following best describes how you currently view the relevance of
blockchain to your organization or project in the coming 24 months?
2019 2018
30% 53%
43%
It will be critical, in our top five strategic priorities
It will be important but not in the top five strategic priorities
It will be relevant but not a strategic priority
Unsure/we haven’t reached a conclusion
It will not be relevant
27%
29%
14%
21%
3%
4%
3%
4%

5
N=1,386 (2019 global enterprise); N=1,053 (2018 global enterprise).
Note: Percentages indicate respondents who strongly or somewhat agree with each statement.
Source: Deloitte’s Global Blockchain Survey, 2018 and 2019.
FIGURE 2
Survey respondents’ attitudes on blockchain and its adoption (2019 vs. 2018)
There was a general improvement in attitudes about blockchain over the past year
Survey question: What is your level of agreement or disagreement with each of the following
statements regarding blockchain technology?
2019 2018
86%
84%
83%
74%
82%
77%
81%
69%
77%
68%
56%
39%
59%
43%
Blockchain technology is broadly scalable and will eventually achieve mainstream adoption
The executive team believes there is a compelling business case for blockchain
Our suppliers, customers, and/or competitors are discussing or working on blockchain solutions
to current challenges in the value chain that serves my organization
We are planning to replace current systems of record
We will lose a competitive advantage if we don’t adopt blockchain technology
Blockchain will disrupt our industry
Blockchain is overhyped

6
Note: Percentages total more than 100 percent because respondents were allowed to submit more than one answer.
FIGURE 3
Organizational barriers to greater investment in blockchain technology
(2019 vs. 2018)
A more even distribution of barriers emerged in 2019 in comparison to 2018
Survey question: What are your organization or project’s barriers, if any, to increasing adoption and
scale in blockchain technology? (Percentage of respondents who feel the issue is a barrier)
2019 2018
30%
30%
37%
39%
29%
35%
28%
28%
28%
25%
33%
20%
20%
17%
22%
8%
3%
2%
6%
20%
23%
22%
Implementation (replacing or adapting existing legacy systems)
Regulatory issues
Potential security threats
Lack of in-house capabilities (skills and understanding)
Uncertain ROI
Concerns over sensitivity of competitive information
Lack of a compelling application of the technology
This technology is unproven
Not currently identiﬁed as a business priority
We don’t see any barrier
Not sure/other

7
Blockchain hype, promises,
and challenges
N
EW! IMPROVED! FASTER! Stronger!
Better! Marketers wield such adjec-
tives and exclamations to capture
the attention of influencers and potential
customers, and tout the development and
release of new products and services.
Beyond simple marketing, superlatives
can be the language of adoption. Without
hype, early movers likely wouldn’t know
about—let alone try—new technologies such as
blockchain. They would be released with the hope
that someone might stumble upon them, try them,
and find them useful, which is hardly a practical
way to do business or to technologically advance
processes, companies, or industries.
Of course, few products and services fully live
up to their marketing; it’s rare that a single tool or
solution can do everything that others claim it can
do. Even so, many of these new tools and solutions
turn out to be useful or even game-changing.
Such is the case with blockchain, which appears
poised to disrupt industries and business models.
The business community remains upbeat though
increasingly grounded about the technology’s
future: Three-fifths of respondents want blockchain
to prove itself with measurable, positive results over
the next three years.
Blockchain’s maturation is expected to continue
as overall investment increases or, at least, remains
at current levels (13 percent of respondents plan
to decrease investments in the next 12 months).
Further supporting this viewpoint is the fact that
nearly 60 percent of respondents are confident in
blockchain’s long-term potential due to the imple-
mentation of new solutions. For instance, smart
contracts and other token-based transactions can
help ensure that artists, agents, producers, and
other creatives receive their share of revenues
generated by their work, no matter how it is used or
repurposed. In addition, they can help by increasing
blockchain’s use in such areas as intercompany
transactions and warranties financing—for instance,
trade finance, letters of credit, and invoice factoring.
A technology in search of
additional use cases
Survey respondents, while remaining generally
optimistic, are tempering their overall opinions
toward blockchain now that early adopters have
had time to look under the hood, discover the tech-
nology’s limitations, and see beyond the initial buzz.
The question: What have they found?
Most people first heard of blockchain through
its connection to bitcoin, which inextricably linked
the technology to cryptocurrency. Enthusiasts
promoted it as a driver of a new distributed
economy in which users of token-based currencies
would cut traditional banks and brokers out of peer-
to-peer and B2C transactions. As such, blockchain
advocates were slow to show how it could be used
to disrupt and revolutionize other business sectors.
Years later, to the frustration of speculators,
cryptocurrency adoption remains a slow-moving
Few products and services fully
live up to their marketing;
it’s rare that a single tool or
solution can do everything that
others claim it can do.

8
revolution. But this slowdown has boosted block-
chain’s adoption elsewhere, as other use cases have
emerged and begun to drive innovation. In short,
as organizations look at blockchain more critically,
it is becoming more well-rounded and, potentially,
useful to a wider group of users. There also exists a
wide range of applications that don’t require the use
of a coin, including management of loyalty points,
digitizing physical assets, and creating virtual
wallets for finance management and reconciliation.
Cautious optimism
While many respondents suggest that blockchain
is gaining traction in additional sectors outside of
fintech—and finding more use cases within more
types of businesses—executives appear to be taking
a more pragmatic approach toward its adoption.
This is a familiar path for emerging technolo-
gies. Take 3D printing, for example. Just six years
ago, many analysts and industry experts viewed 3D
printing as an interesting tool with questionable
broader potential beyond hobbyists and limited
prototyping applications. Since then, major manu-
facturers have widely adopted the technology to
change how they design and make products, and to
streamline their supply chains and reduce expensive
downtimes caused by having to wait for deliveries
of hard-to-find specialty parts by creating what they
need, when and where they need them.2
This is reminiscent of where we see blockchain
today. Survey respondents are taking a less myopic
view of blockchain than they did before and are
focusing on business advantages such as increased
security and lower risk (23 percent), new business
models and value chains (23 percent), and greater
speed toward production or delivery (17 percent).
We are also seeing diversification in blockchain use
cases, models, and regulatory concerns.
In other words, organizations seem now less
concerned about whether the technology will work
and have begun to focus on what business models it
might disrupt. To that end, “we believe executives
should no longer ask a single question about block-
chain but, rather, a broad set of questions reflecting
the role blockchain can play within their organiza-
tions,” says Deloitte Consulting LLP principal Linda
Pawczuk, Deloitte consulting leader for blockchain
and cryptocurrency.
Such questions may include:
• How are blockchain-enabled processes changing
the way my sector does business?
• How can blockchain reshape my industry? What
are my long-term objectives and strategies?
• Does blockchain create the potential for new
market ecosystems, and what role should I play?
• How do I leverage the inherently open nature
of blockchain?
• What opportunities does blockchain generate
for cocreating new markets?
• Where are my biggest blockchain blind spots?
As blockchain adoption moves steadily forward
on its journey from the possible to the practical,
most respondents say they plan to maintain or even
increase their blockchain investments over the next
year. But they are expected to do that only if accom-
panied by the kind of pragmatic understanding that
answers to these and similar questions provide.
“We believe executives should no longer ask a single
question about blockchain but, rather, a broad set of
questions reflecting the role blockchain can play within
their organizations.”
—— Linda Pawczuk, Deloitte Consulting LLP principal and
Deloitte consulting leader for blockchain and cryptocurrency

9
Key issues
Emerging disruptors
Where enterprise organizations seek ways to
integrate blockchain into their existing business
models—or, more accurately, how to transform
existing processes and systems to work with block-
chain—emerging disruptors built their businesses
around blockchain from the start. This makes them
potentially more fluid and agile than competitors
and less constrained by similar challenges that
inhibit adoption among their more established
competition.
In fact, we’re seeing signs of these abilities as
organizations enter the second phase of disruption,
in which most are no longer strictly focused on block-
chain but are, instead, reinventing existing business
models to create dynamic, blockchain-enabled solu-
tions to reduce friction across organizations and
industries.
For this year’s survey, we targeted a small
sample of emerging disruptors to gauge their atti-
tudes and practices.3
Given their exclusive focus on
blockchain solutions, it is unsurprising that they are
more advanced in their deployment of blockchain
than are enterprise organizations, and in devel-
oping and implementing new solutions to leverage
blockchain’s potential in new ways.
What is interesting, however, is that the survey
results show nuance. For example, when asked
for blockchain’s most significant advantage over
existing systems, respondents from enterprise
organizations showed relative parity among several
advantages, including new business models and
value chains (23 percent), greater security/lower
risk (23 percent), and greater speed compared to
existing systems (17 percent). In contrast, emerging
disruptors were more focused on new business
models and value chains, which 42 percent cited as
the most significant advantage.
In practice, examples of this creative, innova-
tive thinking can be observed in a different realm:
on-demand ridesharing services that have helped
to democratize transportation for those who have
difficulties hailing or even locating traditional
taxis. While there is nothing inherently new in the
concept of ridesharing services, disruptive thinking
has made possible an entirely new way to access and
pay for those services. Some might refer to this as a
democratization of access.
In a similar regard, there is little new in block-
chain’s underlying technology—for instance,
cryptography or data transaction. What is fresh is
the disruptive potential that emerging disruptors
are driving in the way organizations get things done.
One might call this disruption a democratization of
trust.
Conversely, when asked what barriers enterprise
respondents see in adopting blockchain technology,
they see little consensus, with the most frequently
cited choice garnering only 30 percent. In contrast,
the emerging disruptors overwhelmingly (71
percent) chose regulatory issues as the greatest
barrier to blockchain adoption, raising theoretical
concerns about new rules that could hamper block-
chain’s continued adoption.
Another interesting difference between
emerging disruptors and enterprise organizations
is their attitudes toward security offered by block-
chain. Enterprise organizations overwhelmingly
(71 percent) believe that blockchain provides greater
security than conventional IT solutions, while only
48 percent of emerging disruptors feel the same.
While we cannot fully explain these differing view-
points, it is still a noteworthy difference that merits
further consideration.
Despite these and other differences, emerging
disruptor and enterprise executives hold many
similar opinions on issues of blockchain models of

10
focus, the emphasis of future activities, what they
value in consortia, metrics of success, and indi-
vidual regulatory concerns.
Interestingly, because emerging disruptors
generally are accustomed to moving faster—and
often with smaller staffs and limited financial
resources—than enterprise organizations, four-
fifths of our emerging-disruptor sample say they
expect to see results from blockchain implementa-
tions within three years. Three-fifths of enterprise
organization respondents, meanwhile, expect to see
results within the same time frame.
While emerging disruptors remain nimble, our
research suggests that they, like the larger enter-
prise respondents, are approaching blockchain
with caution. Despite the innovative vitality that
emerging disruptors bring to the blockchain world,
they, too, reveal a measure of skepticism, with
nearly 20 percent saying blockchain is overhyped, a
figure comparable to enterprise respondents.
So as emerging disruptors move on their block-
chain journeys, many show pragmatic impulses.
Blockchain represents an investment in resources
that emerging disruptors hope will provide a
measurable return. As pioneers of blockchain
exploration and implementation, emerging disrup-
tors play an important role in the larger ecosystem.
They are among the first to identify and test viable
solutions that larger organizations may then adopt
on a wider scale. And in that way, the two kinds of
organizations form a symbiotic relationship that
drives continued blockchain innovation.
“Emerging disruptors are facing big company
challenges at an early stage,” says Rob Massey,
Deloitte Tax LLP partner and Deloitte tax leader for
blockchain and cryptocurrency. “Their innovations
can quickly grab the attention of a market and a
large user base, putting strain on their technology
infrastructure and business processes.”
A brief look at consortia:
Benefits and challenges
Much of the discussion around blockchain
revolves around the complexities and entry barriers
of adopting the technology. Joining consortia—
coming together with others in your horizontal or
vertical ecosystem, in common purpose—arguably
may be blockchain’s largest barrier to entry. Why
is this so-called co-opetition so difficult? Primarily,
consortia require a shift in mindset: You must ally
within your ecosystem—whether direct competi-
tors or not—and work toward some greater good.
Getting to that place can be difficult to reconcile.
At a more tactical level, consortia require
many important considerations that are not easily
resolved in a group setting. Consider a few of
these issues:
• What are the consortium’s goals (for instance,
revenue play or cost-efficiency)?
• What is the participation structure/gover-
nance model?
• What is the funding model?
• How are decisions made on equal voting, rota-
tional power, and other issues?
Emerging disruptors
are among the first to
identify and test viable
solutions that larger
organizations may then
adopt on a wider scale,
forming a symbiotic
relationship that drives
continued blockchain
innovation.

11
• Who owns the intellectual property (for instance,
the association, royalty-free licenses for
members, open standard, or source license)?
• What are the consortium’s business, technology,
and regulatory risk factors?
• What products/services can the consortium
offer to incentivize its members?
The list goes on, which helps explain why
consortia are difficult to form and manage even
N=1,386 (global enterprise).
Source: Deloitte’s 2019 Global Blockchain Survey.
FIGURE 4
Criteria organizations use in joining consortia
There is little consensus on how organizations select consortia
Survey question: When given a choice to join a consortium, what criteria does your organization or
project use to pick one vs. the other? (Percentage of respondents who cite that criterion as a reason to
join a consortium)
0 10 20 30 40 50
41%
36%
36%
35%
34%
34%
30%
23%
1%
37%
36%
36%
Objectives aligned with ours
Quality/stature of other members
Evidence that it is influential
Have opportunity to influence
Cost of participation is affordable
Regulatory involvement
Membership rules/policies
Maturity
Well-funded
Governance
For-profit vs. nonprofit
Not sure/other

12
whenformingthemseemsineveryone’sbestinterest.
So it may be unsurprising that our survey reveals
the same basic story from last year: Consortia do
not garner the same level of focus as such models as
private and permissioned blockchains.
Still, less focus is not the same thing as indif-
ference. The overwhelming majority (92 percent)
of our respondents say they either belong to a
consortium or plan to join one in the next 12
months. In doing so, they identify benefits such as
cost savings, accelerated learning, and risk sharing.
Despite their complexities, consortia are expected
to continue to figure prominently in the larger
blockchain ecosystem.
FIGURE 5
Benefits organizations expect from consortia
Cost savings and learning opportunities are top benefits that respondents expect from consortia
participation
Survey question: What benefits does your organization or project get or expect to get from a
consortium? (Percentage of respondents who cite that factor as a benefit from joining consortia)
Cost savings
Accelerate learning
Sharing risk
Build critical mass of adoption
Maintaining relevance/lifespan
Influencing standards
Not sure/other
57%
55%
47%
45%
42%
42%
1%

13
Blockchain regional analysis
J
UST AS EMERGING disruptors are changing
the dynamics of the industries and sectors in
which they compete, new blockchain initiatives
in different countries and regions are affecting how
blockchain is implemented around the world.
While we cannot generalize about the initiatives
in specific countries (see figure 6 for a sense of how
survey respondents expressed differing views on
select issues), we can look at countries that appear
to be emerging as hotbeds of new blockchain solu-
tions, based on their own collective objectives,
approaches, and cultural sensibilities.
The following profiles are examples of the
drivers and attitudes that affect blockchain
development and can serve as guides for organiza-
tions that are looking to do business with global
partners. Specifically, these profiles show how
innovation is informed by context, and why devel-
oping an understanding of the people and culture
in which they live—the facts on the ground—is often
imperative to success.
China
In China, the government recently established
key strategic technology priorities in its 13th five-
year plan for IT. A white paper published by the
Ministry of Industry and Information Technology
cited blockchain as a key driver of economic devel-
opment. The paper further suggested that the “real
economy” was an area in which blockchain could
find long-term applications—for example, product
traceability and copyright protection. Fintech
was also noted as a technology that government
regulators were developing along with blockchain
solutions to carry out public functions.4
Survey respondents overwhelmingly agreed with
this assessment, with 73 percent suggesting that
blockchain is a top-five critical priority in China—a
figure substantially higher than most other coun-
tries in our sample. And because China essentially
bans cryptocurrencies, private blockchains—and
to some extent, permissioned blockchains—could
remain vital, especially given the size of Chinese
industrials and their typically large numbers
of subsidiaries.5
Some 34 percent of respondents “strongly”
believe in the disruptive potential of blockchain,
more than most countries in our sample. This
is important, given China’s place in the global
economy and the leadership role it has assumed in
the Asia-Pacific region.
“China, more than anywhere else in the world,
will use blockchain strategically instead of tacti-
cally,” says Paul Sin, consulting partner, Deloitte
Advisory (Hong Kong) Ltd., and leader of Deloitte’s
Asia-Pacific blockchain lab. “More projects are
driven by top management who use blockchain as
a strategic weapon rather than a productivity tool.”
Singapore
In light of China’s de facto ban, Singapore
is positioning itself to promote cryptocurrency.
Indeed, the government has been highly supportive
of free public blockchain platforms. In fact, the
Monetary Authority of Singapore has adopted a pro-
blockchain stance with favorable tax treatments and
public funding for blockchain development.6
The
government, too, appears to be moving beyond
its traditional regulatory role by announcing its
understanding and acceptance of the importance
of blockchain to the financial future. As such, the
Monetary Authority recently called blockchain tech-
nology “fundamental” to economic development in
Singapore. Coupled with the country’s high level of

14
indigenoustalent,entrepreneurialspirit,andfintech
development, blockchain is expected to maintain an
upward adoption trajectory in Singapore.7
It is thus unsurprising that Singaporean execu-
tivesreportauniformlygreaterbeliefinthepotential
of blockchain than respondents from many other
countries. Respondents from Singapore also tend to
be more aggressive than their global counterparts in
hiring for blockchain-related positions—and more
patient in waiting for the technology to provide
measurable results.
Israel
There is substantial blockchain activity within
Israeli organizations, focused largely on digital
assets—in particular, cryptocurrencies. Israel
stands as a strong leader in entrepreneurial
activity and R&D in areas such as cyber, cryptog-
raphy, and intelligence, which, in turn, seems to
create a natural affinity for blockchain. Toward
that end, some see Israel as a hotbed of block-
chain activity. Crypto activities might currently
outnumber corporate blockchain efforts, but a shift
may be looming. Israeli blockchain startups are
pursuing projects in such other areas as DNA data
storage, diamond registration, cybersecurity, and
international shipping.8
For its part, an Israeli stock exchange is moving
to develop blockchain applications.9
And the Israel
Securities Authority, a governmental agency, has
begun to adopt blockchain in its messaging system.10
This, too, demonstrates how the Israeli government
appears to be adopting blockchain technologies and
shifting from a strictly regulatory role to an end-
user role—a theme that is becoming increasingly
apparent across highly enabled blockchain nations.
While our survey results suggest that Israelis
tend to be more circumspect about joining
consortia than respondents from other regions,
the country—and blockchain firms within it—have
formed partnerships with other leading blockchain
countries on matters related to codevelopment
and regulatory development.11
Israel’s reputation
as “Startup Nation” may serve it in good stead as
its blockchain entrepreneurial sensibility evolves
and matures.12
“Given its strengths in intelligence gathering
and analysis, security, and cryptography, it is not
surprising that Israel was one of the leading coun-
tries in the crypto revolution and remains a leader
in blockchain-based data security and traceability
technologies today,” says Hagai Zachor, Deloitte
Israel’s strategy manager and head of blockchain.

15
Blockchain technology is broadly scalable and will eventually achieve mainstream adoption (strongly agree)
China Singapore
FIGURE 6
Select country comparisons
Countries show differing attitudes about blockchain along a number of metrics
Israel United States
Blockchain technology will disrupt my industry (strongly agree)
Our executive team believes there is a compelling business case for the use of blockchain technology (strongly agree)
Blockchain as a top-five strategic priority
Already brought blockchain to production
Currently hiring blockchain staff
Smart contracts are highly important
Respondents that need to see a return on blockchain investment within three years
Most commonly chosen blockchain regulatory concern
47%
54%
29%
61%
34%
27%
15%
22%
37%
53%
23%
57%
34%
73%
50%
40%
56%
16%
19%
2%
29%
51%
52%
10%
54%
63%
51%
37%
60%
61%
56%
54%
62%
62%
51%
51%
47%
Industry-specific regulation
Securities law
Privacy
Privacy

16
GOVERNMENT AS BLOCKCHAIN USER—AND REGULATOR
Historically, blockchain-related regulatory attention has focused on cryptocurrencies, with regulators
helping to shape the legal status of cryptocurrencies as they evolve. For example, a number of
US federal court decisions have concluded that virtual currencies that are not otherwise deemed
to be securities under the jurisdiction of the US Securities and Exchange Commission (SEC) are
commodities under the jurisdiction of the US Commodity Futures Trading Commission.13
While
this has added clarity to jurisdiction, regulations themselves are expected to take some time to
emerge with regulators focusing on receiving input from the market and policing individual investor
protection cases.14
More recently, regulatory concerns about blockchain have gained traction outside of digital assets.
For example, the General Data Protection Regulation (GDPR) places strict limitations on how
personal data is stored and saved within the European Union. Some see the GDPR leading to an
unavoidable clash with the intrinsic immutability of how data is stored on blockchain platforms.15
Similarly, in the United States, the Health Insurance Portability and Accountability Act limits how
personal health information is handled, which may run afoul of blockchain-based solutions within
the life sciences context.16
Indeed, our survey respondents cited privacy more than any other
area of regulatory concern (50 percent). So it seems apparent that these and other privacy-based
regulations could need to align with the evolving technology.
Moreover, though technically not a governmental entity, the International Organization for
Standardization is creating a global framework for blockchain focusing on key areas, such as
architecture, taxonomy, and ontology.17
In the United States, at least one state has passed
regulations on the legal status of blockchain companies as limited liability companies while still
others have passed laws on the enforceability of blockchain-based transactions.18
Additional
regulatory developments are anticipated in other blockchain applications, such as supply chain
tracking, voting records, and general information reporting.
At the same time, governments do more than merely regulate blockchain technology. They
often advocate for and incubate new blockchain applications. Over the past several years, we
have observed government blockchain participation that extends beyond education and
tentative experimentation—specifically, moves toward tactical, bold plays that drive innovation.
Representative public use cases include: digital currency/payments (Canada, Singapore, United Arab
Emirates, Saudi Arabia); land rights (United States, Brazil, Sweden); voting in elections (United States,
Australia, Japan, South Korea); shareholder proxies (United Arab Emirates); identity management
(Switzerland, Estonia, United Arab Emirates, Singapore); health care (United States, Estonia); and
defense/security (United States).19

17
Conclusion:
An evolving landscape
T
HE BLOCKCHAIN STORY is beginning a new
chapter, one in which the questions executives
are asking are tougher, more granular, more
grounded, and more pragmatic. They are questions
that show an emerging awareness that the tech-
nology seems ready for prime time. It works. Now
executives must figure out how to make the tech-
nology work for them—how to leverage innovation
created by emerging disruptors and how to align
within the ecosystem.
Our survey seems to make clear this evolving
landscape of pragmatism and maturation—more
varied use cases and applications than last year,
across a greater variety of sectors. Respondents
show a more balanced view of expectations and
concerns than last year, pointing to an increasingly
practical sensibility. And indeed, what appears to be
happening every day in the real world also appears
to confirm what our survey is telling us: A day
hardly seems to pass in which we do not read about
new blockchain use cases or new ways to tokenize
assets.20
Certainly, blockchain remains a subject of debate.
But the tone and terms of the debate themselves
seem to be shifting, reflecting more developed use
cases and strategic visions of the future. Even those
who may have looked askance at the technology in
the past appear to be viewing blockchain with a new
sense of possibility.
Of course, nobody can accurately predict the
future, and we too will refrain from predicting a
precise timeline on blockchain’s greater adop-
tion. Yet the trajectory for blockchain in 2019 and
going forward appears to point in a clearly upward
direction. And that journey is the story of growth
and potential that disruptive technologies charac-
teristically take, offering adopters tangible strategic
advantage in ways that few thought imaginable
before.

18
Appendix
FIGURE A-1
To summarize, the survey was ﬁelded in 12 countries and 11 languages
Total number of enterprise respondents = 1,386
Canada
103 respondents
United States
304 respondents
Brazil
103 respondents
United Kingdom
150 respondents
Israel
53 respondents
Singapore
100 respondents
Hong Kong
101 respondents
China
200 respondents
Germany
131 respondents
Additional countries surveyed:
Switzerland: 52 respondents
Luxembourg: 51 respondents
United Arab Emirates: 38 respondents

19
Note: All currency amounts are in US dollars. Some percentages may not total 100 percent due to rounding.
FIGURE A-2
Company overall annual revenues in 2018
Respondents are senior-level executives at mostly large companies
Survey question: Which of the following best represents your organization or project’s overall annual
revenues in 2018?
$100 million but less than $250 million $250 million but less than $500 million
$500 million but less than $750 million $750 million but less than $1 billion
$1 billion but less than $5 billion $5 billion but less than $10 billion
$10 billion or more
14%16%7% 25%8% 15%16%
22%11% 18%17% 4%19%
13%10% 33%9% 17%13%
19%17% 22%9% 12%16%
16%2% 24%8% 11%11% 29%
12%7% 14%16% 22%24% 6%
15%17% 25%13% 9%17% 4%
6%6% 18%18% 8%10% 35%
16%9% 29%3% 16%16% 11%
13%4% 23%12% 27%13% 13%
16%21% 11%11% 16%16% 11%
21%3% 27%8% 10%11% 19%
13%31%17% 24% 15%
9%
6%
6%
Global
Brazil
Canada
China
Germany
Hong Kong
Israel
Luxembourg
Singapore
Switzerland
United Arab Emirates
United Kingdom
United States

20
FIGURE A-3
Primary operations of organizations by industry
Respondents come from an array of industries, with TMT, ﬁnancial services, and nonfood
manufacturing predominating
Survey question: In which of the following industries does the organization you work for or the project
you are working on primarily operate? (Percentage of total respondents by industry)
Technology, media, and telecommunication (TMT)
Financial services
Manufacturing (other than food)
Retail, wholesale, and distribution
Professional services
Industrial products and construction
Energy and resources
Life sciences and health care
Consumer products
Automotive
Travel, hospitality, and services
Higher education (private)
Government and public services
Agricultural products and food processing
Aerospace and defense
Other
26%
15%
12%
7%
6%
6%
5%
4%
4%
3%
2%
2%
2%
2%
2%
2%

21
Note: Percentages for "Respondents by function" do not total 100 percent due to rounding.
FIGURE A-4
Respondents by job role and function
The overwhelming majority of respondents were from upper management and the C-suite, and
the majority held IT roles
Survey question: Which of the following best describes your current role and functional area?
44%
29%
19%
Upper management (director, VP, SVP, business line head)
C-suite
Owner/partner
Board member
8%
58%
Information technology (IT)
RESPONDENTS BY ROLE
Finance
42%
RESPONDENTS BY FUNCTION
Manufacturing
Administration
Human resources
Supply chain
Strategy
Sales
56%
10%
5%
5%
3%
3%
3%
4%
Innovation
3%
Procurement
Marketing
Customer service
Other
Tax
Risk
2%
2%
2%
Legal
1%
1%
1%
1%

22
Note: All currency amounts are in US dollars. Some percentages may not total 100 percent due to rounding.
FIGURE A-5
Approximate blockchain investment that organizations will make
in the next 12 months
Blockchain investment plans are strong, with more than 40 percent planning at least $5 million
in spending over the next 12 months
No investment Not sure/prefer not to answer Less than $500,000
From $500,000 to less than $1 million From $1 million to less than $5 million
From $5 million to less than $10 million $10 million or more
4% 8% 20% 34% 21% 13%
Brazil
4% 9% 12% 21% 29% 17% 8%
Canada
2% 4% 15% 31% 33% 15%
China
2% 5% 25% 24% 14% 31%
Germany
2% 15% 9% 11% 13% 32% 17%
Israel
16% 18% 12% 14% 41%
Luxembourg
1%1% 8% 30% 28% 10%22%
Singapore
12% 15% 15% 25% 33%
Switzerland
5% 5% 18% 32% 29% 11%
United Arab Emirates
2% 5% 5% 25% 25% 19% 18%
United Kingdom
3% 4% 7% 16% 30% 23% 18%
United States
4% 7% 27% 30% 23% 6%
Hong Kong
4%
Percentageoftotalrespondentsbyplannedinvestmentamount
18%23%27%20%7%4%2%

23
FIGURE A-6
Attitudes on blockchain and its adoption
Sentiments about blockchain remain strongly positive, even more so than last year overall; still, a
slight increase in the view that blockchain is “overhyped” may reﬂect the growing pragmatism
within the blockchain user community
Survey question: What is your level of agreement or disagreement with each of the following statements
regarding blockchain technology? (Percentage of respondents who strongly or somewhat agree)
I believe blockchain can enhance our further integration toward more “touchless” business processes
Blockchain will enable new business functionalities and revenue streams in my industry
Our executive team believes there is a compelling business case for the use of blockchain technology within
my organization or project
Our suppliers, customers, and/or competitors are discussing or working on blockchain solutions to current
challenges in the value chain that serves my organization
My organization or project is planning to replace current systems of record (e.g., ﬁnancial ledgers or
sub-ledgers, customer relationship management systems, enterprise resource planning [ERP])
My organization or project will lose a competitive advantage if we don’t adopt
blockchain technology
Blockchain technology will disrupt my organization or project’s industry
0 20 40 60 80
87%
86%
86%
83%
82%
81%
77%
56%
43%

24
Note: Percentages do not total 100 percent due to rounding.
FIGURE A-7
Most significant advantages of blockchain over existing systems
Respondents see business model/value chain innovation and lower risk as key advantages of
blockchain technology
Survey question: Which one of the following, if any, do you believe is the most significant advantage of
blockchain over existing systems when thinking of your specific industry? (Most significant advantage
of blockchain over existing system)
New business models and value chains
Greater security/lower risk
Greater speed compared to existing systems
Greater transparency
Lower costs
Improving identify control
Fraud reduction
Not sure/other
0 5 10 15 20 25
23%
23%
17%
11%
9%
9%
8%
1%

25
FIGURE A-8
Level of security oﬀered by blockchain solutions in comparison to conventional
IT solutions
Overwhelmingly, respondents feel that blockchain-based solutions provide greater security than traditional
approaches
Survey question: Do you believe that a blockchain-based solution is currently more secure, less secure, or at the
same level of security as systems built from more conventional information technologies?
71%
24%
4%
More secure
1%
Same level
Less secure
Not sure
FIGURE A-9
Views of blockchain’s relevance within organizations
Most respondents consider blockchain important or even critical to their top priorities
Survey question: Which of the following best describes how you currently view the relevance of blockchain to your
organization or project in the coming two years?
53%
Critical, in top 5 strategic priorities
27%
Important but not in top 5 strategic priorities
14%
Relevant but not a strategic priority
Not relevant
3%
Unsure/no conclusion
3%

26
FIGURE A-10
Barriers to greater adoption in blockchain technology
Barriers to adoption vary depending on organizations’ unique circumstances
scale in blockchain technology? (Percentage of respondents who feel the issue is a barrier to greater
blockchain investment)
0 5 10 15 20 25 30
30%
28%
25%
23%
22%
20%
19%
17%
1%
2%
8%
30%
29%
28%
Regulatory issues
Implementation: replacing or adapting existing legacy systems
Uncertain return on investment (ROI)
Challenges in forming a consortium
Inadequate funding
We have not assessed this
Not sure/other

27
FIGURE A-11
Participation in blockchain consortia with competitors
The overwhelming majority of respondents have either joined a consortium or are planning to within the
next 12 months
Survey question: Which of the following best describes your organization or project’s position on participating in a
blockchain consortium with competitors?
35%
We already participate
31%
We do not participte but are likely to in the next 12 months
15%
Currently leading one
We are not leading one but planning to in the next 12 months
10%
Planning to go it alone
5%
Not sure/other
3%

28
FIGURE A-12
Criteria organizations use in joining consortia
There is little consensus on how organizations select consortia
Survey question: When given a choice to join a consortium, what criteria does your organization or
project use to pick one vs. the other? (Percentage of respondents who cite that criterion as a reason to
join a consortium)
0 10 20 30 40 50
41%
36%
36%
35%
34%
34%
30%
23%
1%
37%
36%
36%
Objectives aligned with ours
Quality/stature of other members
Evidence that it is influential
Have opportunity to influence
Cost of participation is affordable
Regulatory involvement
Membership rules/policies
Maturity
Well-funded
Governance
For-profit vs. nonprofit
Not sure/other

29
FIGURE A-13
Benefits organizations expect from consortia
Cost savings and learning opportunities are top benefits that respondents expect from consortia
participation
Survey question: What benefits does your organization or project get or expect to get from a
consortium? (Percentage of respondents who cite that factor as a benefit from joining consortia)
Cost savings
Accelerate learning
Sharing risk
Build critical mass of adoption
Maintaining relevance/lifespan
Influencing standards
Not sure/other
57%
55%
47%
45%
42%
42%
1%

30
FIGURE A-14
Which group is making the key decisions about blockchain?
Nearly half of respondents cited IT professionals as the group making the key decisions about blockchain,
perhaps reinforcing the perception of blockchain as a technology-driven solution; however, that nearly
one-third of respondents cited top management also suggests the technology’s emergence as a
strategy-focused solution
Survey question: Which area of your organization or project is making the key business decisions about its
blockchain activities?
47%
Information technology
30%
Top management (chairman/CEO)
8%
Innovation/R&D
Finance
6%
Tax
2%
Procurement
Supply chain
2%
Operations
2%
2%

31
FIGURE A-15
Blockchain models
The market hasn’t yet settled on any one architecture or approach
Survey question: On which blockchain model is your organization or project focusing its activities?
(Percentage of respondents citing that blockchain model as an area of focus)
Private blockchain (internal to your company)
Permissioned
Public blockchain like bitcoin or Ethereum
Integration of multiple chains
Consortium
Decentralized application (DApp)
Not sure/other
None
50%
45%
45%
43%
29%
23%
2%
2%

32
44%
29%
19%
FIGURE A-16
Blockchain use cases
Companies are looking at a wide array of use cases beyond payments and transactions
Survey question: On which of the following blockchain use cases is your organization or project
working? (Percentage of respondents citing that blockchain use case as an area of focus)
43%
40%
19%
Data validation
Data access/sharing
Identity protection
Payments
8%
39%
25%
Digital currency
44%
29%
19%
Track and trace
Certiﬁcation
Access to IP
Record reconciliation
8%Asset transfer
Revenue sharing
Asset-backed tokens
Tokenized asset
Time stamping
Custody
Not sure/other
None
37%
36%
32%
30%
30%
24%
23%
22%
21%
Tokenized equity
20%
19%
16%
2%
1%

33
FIGURE A-17
Smart contracts as a priority
A large majority sees smart contracts as an important blockchain capability
Survey question: How important are smart contracts to your organization or project as a potential beneﬁt of
blockchain?
Highly important
Moderately important
Unimportant
Not sure
Not applicable
58%
4%
37%
16%
13%
3%
1%
1%

34
FIGURE A-18
Metrics used to measure blockchain business case results
Eﬃciency, cost savings, and risk reduction lead the ways in which respondents measure
blockchain business case results
Survey questions: Which metrics does your organization or project use in measuring blockchain
business case results? (Percentage of respondents who cite that metric to measure blockchain business
case results)
50%
55%
51%
50%
48%
45%
42%
39%
55%
Process eﬃciency
Cost savings
Risk reduction
Time savings
Revenue generation
Enabling new business models
Customer acquisition
Not sure/other
None
1%
1%

35
FIGURE A-19
Anticipated time frame to achieve measurable, verifiable return on blockchain
investment
Most survey respondents expect a return on their blockchain investment within three years
Survey question: What is the anticipated time frame for your organization or project to achieve a
measurable, verifiable return on your blockchain investments? (Percentage of respondents)
6%
Five or more years from now
30%
Three years to less than five years
47%
One year to less than three years
14%
Less than one year
2%
Not sure
1%
Never
FIGURE A-20
How blockchain investment is being deployed
Though respondents more often deploy blockchain via new technology stacks, one-quarter are
replacing existing systems with blockchain technology
Survey question: What best characterizes how your organization or project is deploying blockchain
technology through your investments? (Percentage of respondents)
New technology stack
Existing systems (rip and replace)
Testing/early implementation
Greenfield
Not sure/other
0 10 20 30 40
43%
4%
25%
16%
13%

36
FIGURE A-21
Programs in place to develop in-house blockchain skills
Respondents leverage a full array of training channels, as well as recruiting, in building out their
blockchain talent base
Survey question: What programs does your organization or project have in place to develop in-house
blockchain skills? (Percentage of respondents who cite that program to build in-house blockchain
skills)
In-house courses
Recruiting
Online training
External in-person training
Acquisition
Mentoring
Laboratory
Not sure/other
54%
52%
51%
49%
39%
34%
20%
3%

37
FIGURE A-22
Blockchain-related regulatory issues of concern
Half of respondents cited privacy-related regulations as a matter of concern—markedly more
than any other choice
Survey question: What blockchain-related regulatory issues are of concern to your organization or
project? (Percentage of respondents who cite that regulatory issue as a matter of concern)
Privacy
Money transmission
Know your customer/anti–money laundering
Informational reporting
Securities law
Financial reporting
Tax
Industry-speciﬁc regulatory issues (e.g., HIPAA)
Smart contracts enforceability
Geography-speciﬁc regulations (e.g., US Patriot Act)
Not sure/other
50%
41%
39%
39%
37%
37%
37%
35%
30%
19%
2%

38
China Singapore
FIGURE A-23
Select country comparisons
Countries show differing attitudes about blockchain along a number of metrics
Israel United States
Blockchain technology will disrupt my industry (strongly agree)
Our executive team believes there is a compelling business case for the use of blockchain technology (strongly agree)
Blockchain as a top-five strategic priority
Already brought blockchain to production
Currently hiring blockchain staff
Smart contracts are highly important
Respondents that need to see a return on blockchain investment within three years
Most commonly chosen blockchain regulatory concern
47%
54%
29%
61%
34%
27%
15%
22%
37%
53%
23%
57%
34%
73%
50%
40%
56%
16%
19%
2%
29%
51%
52%
10%
54%
63%
51%
37%
60%
61%
56%
54%
62%
62%
51%
51%
47%
Industry-specific regulation
Securities law
Privacy
Privacy

39
FIGURE A-24
Organizational barriers to greater investment in blockchain technology
(2019 vs. 2018)
A more even distribution of barriers emerged in 2019 in comparison to 2018
scale in blockchain technology? (Percentage of respondents who feel the issue is a barrier)
2019 2018
30%
30%
37%
39%
29%
35%
28%
28%
28%
25%
33%
20%
20%
17%
22%
8%
3%
2%
6%
20%
23%
22%
Implementation (replacing or adapting existing legacy systems)
Regulatory issues
Uncertain ROI
Not sure/other

40
Note: Percentages indicate respondents who strongly or somewhat agree with each statement.
FIGURE A-25
Survey respondents’ attitudes on blockchain and its adoption (2019 vs. 2018)
There was a general improvement in attitudes about blockchain over the past year
Survey question: What is your level of agreement or disagreement with each of the following
statements regarding blockchain technology?
2019 2018
86%
84%
83%
74%
82%
77%
81%
69%
77%
68%
56%
39%
59%
43%
The executive team believes there is a compelling business case for blockchain
Our suppliers, customers, and/or competitors are discussing or working on blockchain solutions
to current challenges in the value chain that serves my organization
We are planning to replace current systems of record
We will lose a competitive advantage if we don’t adopt blockchain technology
Blockchain will disrupt our industry

41
N=1,386 (2019 global enterprise); N=1,053 (2018 global enterprise)
Source: Deloitte's Global Blockchain Survey, 2018 and 2019.
FIGURE A-26
Views of blockchain’s relevance within organizations (2019 vs. 2018)
Most respondents now see blockchain as a top-five strategic priority, a jump of 10 percentage
points over 2018
Survey question: Which of the following best describes how you currently view the relevance of
blockchain to your organization or project in the coming 24 months?
2019 2018
30% 53%
43%
It will be critical, in our top five strategic priorities
It will be important but not in the top five strategic priorities
It will be relevant but not a strategic priority
Unsure/we haven’t reached a conclusion
It will not be relevant
27%
29%
14%
21%
3%
4%
3%
4%

42
*Director, VP, SVP, business line head
N=31 (emerging disruptors).
FIGURE A-27
A look at who the emerging disruptors are
In addition to the 1,386 global enterprise respondents, we surveyed 31 emerging disruptors;
both sets of respondents took the identical survey
58%
Prerevenue
2018 REVENUES
<$50 million
United states
COUNTRY OF RESIDENCE
Canada
United Kingdom
Other
42%
87%
6%
3%
3%
Owner/partner
RESPONDENTS BY ROLE
C-suite
Upper management*
32%
Board member
3%
13%
6%
Other
46%

43
Emerging disruptors: N=31. Global enterprise: N=1,386.
FIGURE A-28
Emerging disruptors vs. enterprise respondents on select metrics
Despite their unsurprising differences in attitudes, deployment, and hiring activities, emerging
disruptors and enterprise respondents share similar feelings on whether blockchain is overhyped
Emerging disruptors Enterprises
Respondents who expect a measurable and verifiable return on their blockchain
investments within three years
Respondents who say that blockchain offers greater security
than conventional IT systems
Respondents citing “regulatory issues” as a barrier to increasing adoption and scale
of blockchain
Respondents citing “new business models/value chains” as most significant
advantage of blockchain over existing systems
Currently hiring staff with blockchain experience
Blockchain will enable new business functionalities and revenue streams in my industry (strongly agree)
Have already brought blockchain to production
Blockchain is overhyped (strongly agree)
81%
61%
48%
71%
71%
30%
90%
87%
61%
45%
19%
20%
46%
53%
24%
54%
42%
23%

44
1. Linda Pawczuk, Rob Massey, and David Schatsky, Breaking blockchain open: Deloitte’s 2018 global blockchain
survey, Deloitte, 2018.
2. Duncan Stewart, 3D printing growth accelerates again, Deloitte Insights, December 11, 2018. Also see Deloitte
Insights’ series of articles on additive manufacturing.
3. We surveyed a total of 31 emerging disruptors. These emerging disruptors were distinct from the 1,386 enter-
prise respondents. Both groups of respondents completed identical surveys. Of the 31 emerging disruptors, 18
were pre-revenue and 13 had revenue of under US$50 million in the past 12 months. The country breakout of
the 31 emerging disruptors was 27 (the United States), 2 (Canada), 1 (the United Kingdom), and 1 (“Other”).
4. Lester Coleman, “China to support blockchain development under new five-year plan,” CCN,
December 29, 2016.
5. Sydney Ifergan, “China bans cryptocurrency—invests 3 billion in blockchain technology,” Currency Analytics,
September 5, 2018.
6. Nick Omo, “Monetary Authority of Singapore unveils updated regulations for cryptocurrency ICO,” Live Bitcoin
News, December 3, 2018.
7. Nicholas Say, “Singapore’s central bank calls blockchain ‘fundamental’ for FinTech innovation,” Blockonomi,
September 21, 2018.
8. Osher Deri, “Israel—blockchain capital of the world?,” Times of Israel, July 29, 2018.
9. Samburaj Das, “Israel’s public stock exchange unveils blockchain securities lending platform,” CCN,
May 18, 2018.
10. Marie Huillet, “Israel Securities Authority turns to blockchain for improving cybersecurity,” Cointelegraph,
October 3, 2018.
11. Olivier Holmey, “Cryptocurrencies: Israel enters into crypto partnership with Switzerland,” Euromoney,
October 9, 2018; Diana Ngo, “Israel poised to become a leading blockchain hub,” CoinJournal, October 10, 2018.
12. Matan Bordo, “Israeli tech’s identity crisis: Startup Nation or Scale Up Nation?,” Forbes, May 14, 2018.
13. US Commodity Futures Trading Commission, “Federal court finds that virtual currencies are commodities,”
October 3, 2018.
14. Ibid.
15. Zhuling Chen, “How should we regulate blockchain? It depends on which country you ask,” Fortune,
June 25, 2018.
16. Mike Miliard, “As blockchain proves its worth for healthcare, regulatory questions remain,” Healthcare IT News,
December 11, 2018.
17. International Organization for Standardization, “ISO/TC 307,” accessed April 1, 2019.
18. Benjamin Jensen, “States race to embrace blockchain technology,” Data Privacy + Security Insider, July 23, 2018;
Stan Higgins, “Vermont governor signs bill clearing way for blockchain companies,” Coindesk, May 31, 2018.
19. Jason Killmeyer, Mark White, and Bruce Chew, Will blockchain transform the public sector?, Deloitte University
Press, September 11, 2017.
20. See, for instance, Yoav Vilner, “5 blockchain product use cases to follow this year,” Forbes, June 27, 2018;
Dan Price, “10 blockchain applications and use cases beyond cryptocurrency,” Blocks Decoded,
October 15, 2018.
Endnotes

45
LINDA PAWCZUK is the leader of Deloitte Consulting’s US blockchain group and coleader of
Deloitte Consulting’s global blockchain group. Her current roles build on strengths honed over her
global career of more than 30 years driving innovation, during which she has been recognized for
strategic leadership, business collaboration, and the successful execution of large, complex global
transformation programs—all areas central to blockchain’s future. Connect with her on LinkedIn at
www.linkedin.com/in/linda-pawczuk-8921a8163/.
ROB MASSEY leads Deloitte’s blockchain efforts in tax for the global firm. He has 20 years of
professional experience in tax consulting for technology companies, with expertise in blockchain,
cryptocurrency, and tokenization. Massey serves companies throughout the blockchain ecosystem,
including miners, specialty chip design and manufacturing, payment processing, wallet hosting,
exchanges, ETFs, hedge funds, tokenization, and protocol development. Connect with him on LinkedIn
at www.linkedin.com/in/rob-massey-7571b7b/.
JONATHAN HOLDOWSKY is a senior manager with Deloitte Services LP and part of Deloitte’s Center
for Integrated Research. In this role, he has managed a wide array of thought leadership initiatives on
issues of strategic importance to clients within the consumer and manufacturing sectors. Holdowsky’s
current research explores the promise of emerging technologies such as additive and advanced
manufacturing, the Internet of Things, Industry 4.0, and blockchain. Connect with him on LinkedIn at
www.linkedin.com/in/jonathan-holdowsky-6a330924/.
About the authors

46
The authors express their deep gratitude to the following for their contributions to the development of
this report (in alphabetical order): Chris Brodersen, Claudina Castro Tanco, Jennie Chang, Langdon
Cook, Tim Davis, Anthony Day, Wendy Henry, Cillian Leonowicz, Carmen Levy, Raul Miyazaki,
Tracey Parry, Amy Pugh, David Schatsky, Antonio Senatore, Paul Sin, Brenna Sniderman, Chuck
Stern, Peter Taylor, Glen Tillman, and Hagai Zachor.
Acknowledgments

47
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Industry leadership
Linda Pawczuk
US Blockchain Consulting leader | Principal | Deloitte Consulting LLP
Tel. +1 720 264 4854 Mobile +1 303 229 8978 | lpawczuk@deloitte.com
Linda Pawczuk is the leader of Deloitte Consulting’s US Blockchain group and coleader of Deloitte
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Global Tax leader in blockchain and cryptocurrency | Partner | Deloitte Tax LLP
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Rob Massey leads Deloitte’s efforts for tax in blockchain for the global firm, serving companies
throughout the blockchain ecosystem. He is based in San Francisco.
Center for Integrated Research
Jonathan Holdowsky
Senior manager | Deloitte Services LP
Tel. +1 617 437 3198 Mobile +1 857 218 9106 | jholdowsky@deloitte.com
Jonathan Holdowsky is a senior manager with Deloitte Services LP and part of Deloitte’s Center for
Integrated Research, leading thought leadership initiatives that explore the promise of emerging and
disruptive technologies. He is based in Boston.

48
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