When it comes to blockchain, most vendors tend to agree that it is an important technology that will impact the future of how companies do business. For the semiconductor industry, this is even more so the case as a new study from Accenture finds that some 88% of executives from semiconductor vendors will integrate blockchain into their organization’s systems within the next three years.
This equates to nine out of every 10 companies, and the highest percentage among 18 industries surveyed in the study.
Blockchain is a distributed ledger that maintains and records data in a way that enables multiple users to confidently and securely share access to the same information. The technology is secure, tamper-proof and decentralized, meaning it can help semiconductor companies improve supply chain efficiencies, enhance technology-based corporate collaborations and lower operational costs, Accenture said.
“Throughout the industry’s complex supply chain, blockchain simplifies business operations leveraging semiconductor chips and related technologies,” said Syed Alam, a managing director in Accenture Strategy who leads Accenture’s Semiconductor practice. “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 study also found that the semiconductor industry is optimistic about the adoption of artificial intelligence, with 90% of those surveyed expressing humans will be directly impacted on a daily basis by AI-based decisions in the next three years. This was higher than any of the other industries surveyed.
Semiconductor firms are also bullish on augmented and virtual reality, with 93% of respondents agreeing that the technology will be widespread and impact every industry in the next five years. Nearly all of the respondents (97%) said it is important that their organization leverage extended-reality solutions to close the gap of physical distance when engaging with employees and customers. Again, this was the highest of all industries surveyed.
“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 said. “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.”
To learn more information about the report, check out the Accenture report entitled: Semiconductors: Fueling the Industry’s Future as Never Before.