The results of a study conducted by a leading global professional services firm Accenture, have singled out the semiconductor industry as the one industry with the most positive sentiments regarding blockchain technology integration.
Accenture's report titled “Semiconductors: Fueling the Industry’s Future as Never Before”, is built on the foundations of an extensive survey which included IT executives across 25 countries, 18 industries and over 6300 businesses, the bulk of which have annual revenues above $500 million USD.
According to the report, of all 18 surveyed industries, the semiconductor industry (at 88%) boasted the highest percentage of executive with expectations of blockchain integration into their organisations within the next 3 years. Interestingly, higher percentages of executives in the semiconductor industry see potential in other technologies such as Artificial Intelligence and Extended Reality (another facet of augmented and virtual reality). According to Businesswire , 90% of these executives agree with the idea that “every human globally will be directly impacted on a daily basis by an AI-based decision within three years.”
The immutability, security and decentralized nature of blockchain are what made the technology interesting to the semiconductor industry. According to the report, the 3 aforementioned features could assist in supply chain efficiency improvements, improving inter-corporation collaboration and reducing operational expenses.
In the words of Syed Alam, head of Accenture's semiconductor practice:
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.
The high semiconductor percentage results of the survey which included such industries as banking, aerospace and defence and healthcare to name a few, add a lot of weight to Alam saying:
Semiconductors are the smart engines underpinning the latest and most intelligent technologies in the high-tech world such as blockchain, artificial intelligence and extended reality,” Alam further stated,“For decades this industry has thrived on being at the cutting edge of these valuable technologies to deliver more-personalized experiences to businesses and consumers. Our research demonstrates that the semiconductor industry plans to lead in both understanding the daily impact of these new technologies, and driving their practical application in the marketplace.