Blockchain is seen as a major area of interest for companies looking to invest in deep tech solutions, according to a new report.
An industry-wide survey by quantum computer company Seeqc shows that 67% of decision-makers in management positions fear that they will lag behind their competitors when it comes to new technologies. With this in mind, 57% of large companies are actively developing deep tech solutions to solve specific business problems, and blockchain is among the top five areas of interest.
“Deep Tech” is an applied technology that aims to solve previously insurmountable problems with new scientific techniques.
Seeqc’s report shows that machine learning and artificial intelligence are the main areas of interest for companies pursuing deep tech solutions. 50% of the respondents name them their main concern.
The second most common deep tech application prioritized by companies is large-scale 3D printing (35%), followed by renewable energy solutions (34%) and quantum computing (34%).
Around 32% of respondents named blockchain and cryptocurrency as the main focus, ahead of drones and advanced robotics (29%), climate protection (29%), satellite and space technology (25%), autonomous vehicles (23%) and neuromorphic computing (23%) ).
When asked why they are doing deep tech implementations, a majority of respondents said they had seen competitors venture into space and felt compelled to keep up.
However, the willingness of these companies to guide and research new technologies is a common fear most have in the cryptocurrency space. The report found that 87% of decision makers in management positions have fears and concerns about their pursuit of deep tech. 74% admit they fear making the wrong investment.
The companies surveyed said their main investment area was in established companies already deep tech (29%), followed by startups and venture-backed companies (25%). Companies also reported pursuing in-house developed solutions (24%) and investing in research groups either funded by governments or universities (21%).
While the cryptocurrency market continues to thrive – with multiple coins hitting new highs at the time of release – investing in deep tech is unlikely to pay off immediately. Seeqc CEO John Levy said it would take years for deep tech solutions to mature.
“It will be years before the average person has access or reason to use something as advanced as a quantum computer or benefit from a fully autonomous vehicle, but the enterprise applications for these technologies are already making themselves felt in today’s most data-intensive industries. Levy said.
In particular, 35% of respondents said the biggest challenge in pursuing deep tech is navigating the regulatory landscape in their respective jurisdictions. The regulation of cryptocurrencies is still an ongoing process and could potentially shift the priorities of the companies surveyed.
In April, World Economic Forum’s director of data, blockchain and digital assets, Sheila Warren, warned that the cryptocurrency industry would soon be subject to a “dramatic” round of regulation as interest in space grows.