Annual Survey Results
Blockchain and
Cryptocurrency
Innovations are more well known, but adoption is still on the slow track.
Another year of exposure to blockchain and cryptocurrency does not appear to have increased understanding about what they are, how they work and what they can be used for. Indeed, respondents are less bullish on the technology this year than last; while general awareness has increased, plans to incorporate the technology have stalled.
Survey Key Findings
Brokers and Blockchain
Fewer brokers (19%) than in 2018 (25%) claim they will be using blockchain in the next five years.
A Low Priority for SMEs
Forty-five percent of SMEs said adopting Bitcoin and other cryptocurrencies is not a priority in the next 12 months.
Few Accept Them as Payment
Only 1% of brokers in both the U.S. and the U.K. currently accept cryptocurrencies.
“Though we expect it will take years to deploy, we are beginning to see examples of blockchain benefitting the insurance industry. Many insurance databases, for example, contain redundant, repeated information. By using blockchain, each party can maintain control of their own while offering a way to exchange needed information that isn’t document-oriented.”Ian Macartney, Senior Vice President, Head of Innovation, Argo Group
Brokers’ adoption of blockchain is on a slow trajectory
When is your organization likely to incorporate blockchain technology?
| Overall | U.S. | U.K. | |
|---|---|---|---|
| CURRENTLY INCORPORATING | 4% | 1% | 7% |
| IN THE NEXT 12–18 MONTHS | 3% | 3% | 4% |
| IN THE NEXT 5 YEARS | 19% | 17% | 20% |
| IN THE NEXT 10 YEARS | 9% | 11% | 8% |
| IN THE NEXT 10+ YEARS | 7% | 7% | 7% |
| NEVER | 4% | 4% | 4% |
| UNSURE | 54% | 57% | 51% |
A third of SMEs don’t expect to accept cryptocurrencies – ever.
When is your organization likely to accept cryptocurrencies?
| Overall | U.S. | U.K. | |
|---|---|---|---|
| CURRENTLY ACCEPTING CRYPTOCURRENCY | 7% | 8% | 6% |
| IN THE NEXT 12–18 MONTHS | 11% | 17% | 5% |
| IN THE NEXT 5 YEARS | 14% | 14% | 13% |
| IN THE NEXT 10 YEARS | 9% | 6% | 12% |
| IN THE NEXT 10+ YEARS | 3% | 1% | 5% |
| NEVER | 32% | 27% | 37% |
| UNSURE | 25% | 27% | 22% |