Deep tech: Why C-suite execs are pursuing blockchain

Deep tech: Why C-suite execs are pursuing blockchain

Blockchain is seen as a major area of interest by enterprises looking to invest in deep tech solutions, a new report suggests.

An industry-wide survey conducted by quantum computing firm Seeqc revealed that 67% of executive decision-makers feared falling behind competitors when it comes to emerging technologies. With this in mind, 57% of large enterprises are actively developing deep tech solutions in order to solve specific business problems, and blockchain is among their top five areas of interest.

Our top trading bots

Deep tech is a term applied technology which aims to solve previously insurmountable problems using new scientific techniques.

The report by Seeqc reveals machine learning and artificial intelligence to be the main area of interest for firms pursuing deep tech solutions, with 50% of respondents naming it their number one concern.

The next most common deep tech application being prioritized by companies is 3D printing on a large scale (35%), followed by renewable energy solutions (34%) and quantum computing (34%).

Some 32% of respondents highlighted blockchain and cryptocurrency as their main focus, ahead of drones and advanced robotics (29%), climate change mitigation (29%), satellites and space technology (25%), autonomous vehicles (23%), and neuromorphic computing (23%).

When queried as to why they were pursuing deep tech implementations, a majority of respondents said they had witnessed competitors making in-roads in the space and felt compelled to keep up.

Accompanying these companies’ willingness to explore new technologies, however, is a common fear experienced by most in the cryptocurrency space. The report reveals that 87% of executive decision-makers had fears and anxieties concerning their pursuit of deep tech, with 74% admitting they feared making the wrong investment.

The companies surveyed said their main area of investment was in established corporations which are already pursuing deep tech (29%), followed by startups and venture-backed companies (25%). Companies also said they were pursuing internally developed solutions (24%), and investing in research groups either funded by governments or universities (21%).

While the cryptocurrency market continues to thrive — with several coins hitting new all-time highs by time of publication — investment in deep tech is not expected to pay off immediately. CEO of Seeqc, John Levy, said it would be years before deep tech solutions reach maturity.

“It will be years before the average person has access or reason to use something so advanced as a quantum computer or benefit from a fully autonomous vehicle, but the enterprise applications for these technologies are already making themselves apparent in today’s most data-intensive industries,” said Levy.

Notably, 35% of respondents said the biggest challenge they faced in pursuit of deep tech was navigating the regulatory landscape in their given jurisdictions. Regulation of cryptocurrencies is still an ongoing process, and could conceivably shift the priorities of the enterprises included in the survey.

In April, the World Economic Forum’s head of blockchain and digital assets, Sheila Warren, warned that the cryptocurrency industry would soon be subject to a “dramatic” round of regulation, as interest in the space grows.

Read on about Cointelegraph
1inch releases composable Limit Order Protocol
Today, decentralized exchange and liquidity aggregator 1inch announce the launch of the 1inch Limit Order Protocol. The new feature boasts 5 different security...
Russian Bitcoin critic says he would have bought BTC for 100 rubles
Anatoly Aksakov, a member of Russia’s State Duma and a key spokesman for the country’s cryptocurrency legislation process, claimed that he has never owned...
US lawmaker introduces bill aimed at protecting 'forked assets' from IRS
Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets.In an...
Walking on sunshine: Top crypto summer vacation destinations in 2021
Even though the ongoing coronavirus pandemic has yet to fully recede, an increasing number of countries are beginning to open up their borders to tourists...
Elon Musk loses $20B since SNL, as Michael Saylor comes out firing
Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night live, as the news of Tesla halting BTC payments for cars continues...
Digital coin ether hits record high as 2021 gains near 500%
By Ritvik Carvalho and Gertrude Chavez-DreyfussLONDON/NEW YORK (Reuters) -Cryptocurrency ether hit another record high on Wednesday, taking gains this year...
Bitcoin bull run won’t end ‘any time soon’ as whale buying hints at new $52K floor
As Ether (ETH) passed $4,000 and multiple altcoins saw their own all-time highs on Monday, data shows that there is still more buying appetite to come.Traders...
WeWork to accept crypto payments and hold them on its balance sheet
Coworking space giant WeWork is the latest company to announce plans to hold cryptocurrencies on its balance sheet.The SoftBank-owned commercial real estate...
When will Bitcoin price rally end? Here is what’s backing the BTC bull run
Speculation about the duration of the current run is endless, with Bitcoin now a stable news item even in the mainstream press. But what’s keeping the BTC...
Dogecoin (DOGE) hits a new ATH as Bitcoin bulls try to flip $63K to support
The price of Dogecoin (DOGE) experienced a strong 36% rally on April 13 and established a new all-time high at $0.0961. While the exact reason for the rally...
Huawei To Support Bitcoin Wallet In Its Store
The most valuable cyber-coin in the world bitcoin is getting wider adoption as the Chinese tech giant Huawei has notified that its users will soon be able...
Bill Gates Accused Cryptos of People’s Deaths, Related to Drug Sells
One of the wealthiest people on the planet, Microsoft Corporation top patron and opinion leader on the sphere of technologies Bill Gates believes that...
South Korean Pension Fund Obliquely Piles Into Crypto Market
Since December 2017, the government of South Korea has been tackling the market of crypto money. Recently, it was announced that by the end of January...
Scammers earned more than $5 million on the upcoming pre-ICO Telegram
In January, TechCrunch published the Whitepaper of the upcoming ICO TON, during which it plans to raise up to $1.2 billion. Scammers used the agio around...
Bitcoin At Premium: How BTC Prospers in Africa
Years ago media predicted the rise of bitcoin in the emerging-market countries. Unsurprisingly, that’s what is happening today. Bitcoin and its brethren...