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A number of surveys have implied that blockchain technology is becoming increasingly popular in the eyes of global business executives. Recent data reveal that trust issues could limit adoption.
As the blockchain sector continues to expand, more and more companies and top managers are returning to its merits.
Bitcoinist recently reported that 70% of executives who participated in the 2018 Blockchain Survey of Deloitte qualified as "excellent" or "expert" on the topic of blockchain technology.
The survey consisted of 1,053 senior executives in countries such as Canada, China, France, the United Kingdom, and the United States. All respondents worked at companies with $ 500 + million in annual revenue.
Industry giants such as IBM and PricewaterhouseCoopers (PwC) have invested significant amounts of time and money in blockchain research. In 2016, PwC created a team of specialists to investigate the technology rejected by customer demand.
At the beginning of August Bitcoinist noted that IBM had a force of over 1,600 people working on a variety of blockchain-related projects. One person suggested that the company spend $ 160 million in blockchain business.
At $ 100,000 per person, IBM spends $ 160 million annually on blockchain projects https://t.co/3L1ux6V0Tm
– Barry Silbert (@barrysilbert) August 9th, 2018 [19659011] On the other hand, recent research seems to suggest problems of trust that remain a barrier
Jumping over an obstacle
600 executives from 15 territories participated in the PwC Global Blockchain 2018 poll. The company published the results of the research on 27 August .
Overall, the respondents said that the biggest strengths of the blockchain were greater transparency, elimination of intermediaries and faster transactions. 84% of executives interviewed said they are currently carrying out blockchain initiatives.
The survey was conducted in April and May and focused on corporate executives with technological responsibilities. 31% of those involved work in entities with over $ 1 billion in revenue.
Even with this optimistic thought, the examiners also listed a series of obstacles to further adoption. 45% of the participants cited trust as a barrier, which was second to regulatory uncertainty (48%).
PwC observed
Blockchain, by its very definition, should generate trust. But companies actually face trust problems almost every time.
Trust … But check
According to PwC, there are still doubts and challenges on speed, security, standardization and the possible lack of interoperability with blockchain blockchain.
The company also wrote that Blockchain's lack of trust has to do with a lack of understanding, particularly because "the role of blockchain as a two-tier change agent … is not easy to explain" [19659004] PwC said as: [19659019] It is perhaps ironic that a technology intended to bring consensus affects an obstacle to the initial need to design rules and standards.
On the issue of trust, Pwc's Blockchain leader Steve Davies noted that the lack of a clear business case leads to stalled projects.
He explained how companies need to do a better job of understanding how to deal with trust and regulation issues by incorporating these solutions into their design.
Davies beli avoids that blockchain needs an "ecosystem to support it, with rules, standards and flexibility."
What do you think of the latest results of the PwC survey? What can be done to resolve trust problems to help increase the adoption of blockchains? Let us know your thoughts in the comments below!
Images and media courtesy of PwC, Shutterstock, Twitter.
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