"Companies are afraid of violating the securities laws here in the United States," said Gombert. "Law firms are giving erroneous advice: Many cryptographic and blockchain companies are domiciled abroad in countries that are more cryptic."
Another concern is that data regulations, such as the general regulation on data protection of the EU, which requires companies to explicitly authorize individuals to use their data. it could influence the unalterable Blockchain register, according to Manny Puentes, CEO of Rebel AI, an advertising technology company that uses blockchain to combat domain spoofing.
"If someone requests that their data be removed from the system, the distributed nature of blockchain makes this challenging to the maximum," said Puentes.
And while blockchain can make transactions immutable, its application is limited because blockchain is not designed for platforms with millions of transactions per second, nor is it intended to store large amounts of data, according to Eric Piscini, CEO of startup blockchain Citizens Conserva.
Another problem that limits the blockchain from wider adoption is that there are no clear standards on how to best apply emerging technology, according to Saleem Khan, a global leader in data innovation at the analytics firm of the Dun & Bradstreet data. Some technology companies have their own blockchain standards, but there is no consensus on what the industry's best practices should be, as Khan said.
While cryols such as bitcoins dominate the blockchain coverage, technology has many other uses and can be applied to supply chains. Among Deloitte's respondents, 53% said their company is working on the use of blockchain within its supply chain.
From April to June 2017, Gartner interviewed 3,160 key information managers worldwide and found that only 1% of respondents adopted any type of blockchain technology and only 8% had expected to do it in the short term. In the Gartner hype cycle, blockchain is just past the "peak of inflated expectations" and is on the slope towards "depression of disillusionment".
However, 43% of executives from around the world interviewed in Deloitte's study said blockchain is in their "5 strategic priorities" and 45% of respondents said they will probably participate in a blockchain consortium .
