A recent PwC survey identified the usual suspects – regulatory uncertainty and lack of trust, among others – as the main factors that hinder the widespread adoption of blockchain technology.
Blockchain technology development barriers
According to the survey, there are already dozens of adoption cases for blockchain technology in the global business process. However, issues related to downsizing, compatibility, lack of trust, regulatory uncertainty, etc. continue to drive the emerging industry.
All of these problems are common in the developing blockchain narrative. Even popular public blockchains such as Bitcoin and Ethereum have been grappling with downsizing problems. At the beginning of the year there were also a series of exploits against unsecured public blockchain such as Verge and Bitcoin Gold that led to repeated attacks of 51% and double spending.
Several ongoing Blockchain initiatives
As part of the study entitled "Blockchain is here. What's your next move?" PwC interviewed 600 business men distributed in 15 different regions all over the world. Over 80% of the participants reported having been involved in the adoption of blockchain technology for their respective organizations. More than a quarter of this group said they have already implemented live pilot projects of their blockchain projects.
The survey also revealed that the financial industry was pioneering the adoption of blockchain. This revelation is not surprising given the popularity of cryptocurrencies like Bitcoin, Ether, etc. Other key areas identified by the PwC study include industrial production, health care and utilities.
China is bound to overtake the United States
According to the report, the United States they are still the world leader in the development of blockchain technology. However, China is fast becoming a threat to US dominance on emerging technology.
Recently, it has been revealed that Chinese conglomerates have submitted more blockchain patents in 2017 than any other country. The Chinese giants Baidu and Tencent Holdings, alone, accounted for 56% of all patent stores related to the 2017 blockchain.
Chinese companies are inclined to exploit technology regardless of cryptocurrency's crackdown. Commenting on the developing narrative, Steve Davies, head of the Pwc blockchain, said:
Creating and implementing blockchain to maximize its potential is not an IT project. It is a transformation of business models, roles and processes. It needs a clear business case and an ecosystem to support it; with rules, standards and flexibility to tackle the incorporated regulatory change.
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