Blockchain needs more trust and regulatory clarity


As the blockchain becomes more widespread in payments and financial services, trust and regulatory orientation must improve.

It would be hard to deny that we are in a bearish market right now for cryptocurrencies after the wild growth of 2017 – but that does not change reality.

Blockchain is a new and innovative technology that allows us to optimize and create new systems for almost all sectors.

  Chart: What banks want from the blockchain

Nobody wants to be left behind, become less competitive or fail to see the huge change that is happening in their industry, so it's not surprising to see that 84% of the PwC survey respondents say their organizations are already using blockchain technology at the research, development, pilot or live level.

Challenges such as lack of trust and regulatory uncertainty may hinder the progression of the blockchain industry, but this is to be expected. For any emerging technology, skepticism is natural and the blockchain will need to prove itself before it is widely adopted. The idea of ​​Airbnb and Uber was inconceivable 20 years ago, and now they are part of our everyday life, much like Blockchain.

While the survey recognizes the United States as a leader in blockchain space, I do not necessarily believe that any country is paving the way right now. Asia seems to be very open with South Korea in the lead, European hotspots like Switzerland are building interesting technologies and China hosts many engineers working on blockchain.

I do not think the blockchain revolution will come from one country in particular. We are now living in a global world, and blockchain could be the first global Internet-based revolution.

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