Blockchain is making waves in some of the largest industries in the world. A recent study by "Big Four" Reviewer PricewaterhouseCoopers (PwC) called, "Blockchain is here. What's your next move?" He spoke with over 600 executives about blockchain and their opinions on where the technology will go . Not surprisingly for a new technology, many executives replied that loomed uncertainty in many areas of blockchain technology.
Steve Davies, PwC's blockchain leader, said this after the publication of the report,
"Companies tell us they do not want to be left behind by the blockchain, although at this early stage of the its development remains concerns about trust and regulation, Blockchain for its own definition should generate trust, but in reality, companies face trust problems almost at every turn. "
The three main barriers to adoption of the blockchain, according to the report, are regulatory uncertainty, lack of trust between users and the ability to bring together a network. It is easy to understand why regulatory uncertainty is affecting the adoption of the blockchain, as it is a technology virtually unknown only a few years ago.
A massive lack of talented blockchain professionals has also been a challenge for companies that have been slow to move into the blockchain space. In fact, lack of talent can eliminate companies that are late to start blockchain programs from the industry in the long run. The blockchain development space is extremely competitive, both at a company level and at a national level.
PwC respondents may overlook strategic factors
There probably will not be hundreds of unique blockchain platforms within a decade. There is a huge advantage to be gained by promoting blockchain development hubs and pushing platforms that could replace archaic systems in use today.
The Hong Kong government seems to understand the importance of attracting talent. A few days ago they announced that Blockchain is now on their QMAS (Quality Migrant Admission Scheme), which allows professionals to settle in Hong Kong without an existing job at a local company.
Hong Kong listed the new jobs that would qualify for their QMAS program as such,
"experts in innovation and technology, but not limited to, … artificial intelligence, robotics, distributed accounting technologies , biometric technologies and industrial / chemical engineering, etc. "
. because the program exists in no uncertain terms,
"The Scheme is a quota-based participation scheme. It seeks to attract highly skilled or talented people to settle in Hong Kong in order to improve Hong Kong's economic competitiveness."
It is probably no coincidence that the Hong Kong Monetary Authority (HKMA) has announced a program that could replace the commercial finance system used by some of Asia's largest banks last month. The Financial Services and Treasury of Hong Kong published a positive report on cryptocurrency and did not identify them as a threat.
There is no lack of investment
In Singapore, another major Asian hub for the development of blockchain, Earth just raised $ 32 million for its Project Earth, which they see as the next generation of money online . They think that a digital currency based on blockchain and cryptocurrency technology will be a great success, and Polychain Capital, FBG Capital, Translink Capital, Hashed, 1kx, Arrington XRP, Kenetic Capital, all seem to agree with them.
Terra has also attracted the interest of Dunamu & Partners, Binance Labs, Huobi Capital and Okex, among which four of the six largest cryptographic exchanges could be found. This is just a multi-million deal in a billions of dollars environment, which puts companies "worried" about investing in blockchain in an unenviable position.
Interestingly, many of the respondents in the PwC report saw a change in the development of blockchain from the United States to China. Even if China were to take a tough stance towards the encrypted, it would seem that other Asian destinations are more than able to fill any gaps in digital money development. In the next few years there will probably be a division in suppliers and customers of blockchain technology, with the former being much more preferable from a competitive point of view than the latter.