A recent PwC survey has identified the usual suspects — regulatory uncertainty, and lack of trust, among others— as the major factors that hamper the widespread adoption of blockchain technology.
Barriers to Blockchain Technology Development
According to the survey, there are already dozens of adoption cases for blockchain technology in the global business process. However, issues relating to scaling, compatibility, lack of trust, regulatory uncertainty, etc., continue to trail the emerging industry.
All of these problems are common in the developing blockchain narrative. Even popular public blockchains like Bitcoin and Ethereum have been grappling with scaling issues. Earlier in the year, there was also a raft of exploits against unsecured public blockchains like Verge and Bitcoin Gold leading to repeated 51 percent and double-spending attacks.
Several Blockchain Initiatives Underway
As part of the study titled, “Blockchain is here. What’s your next move?,” PwC surveyed 600 business executives spread out over 15 different regions across the globe. More than 80 percent of the participants reported that they were involved in blockchain technology adoption cases for their respective organizations. More than a quarter of this group said that they already had live pilot implementations of their blockchain projects.
The survey also revealed that the finance industry was leading the way in blockchain adoption. This revelation isn’t surprising given the popularity of cryptocurrencies like Bitcoin, Ether, etc. Other leading sectors identified by the PwC study include industrial manufacturing, healthcare, and utilities.
China is Set to Overtake the US
According to the report, the United States is still the global leader as far as blockchain technology development is concerned. However, China is fast becoming a threat to the US’ dominance of the emerging technology.
Recently, it was revealed that Chinese conglomerates submitted more blockchain patents in 2017 than any other country. Chinese giants Baidu and Tencent Holdings alone reportedly accounted for 56 percent of all 2017 blockchain-related patent filings.
Chinese companies are reportedly keen on exploiting technology irrespective of the county’s crackdown on cryptocurrency trading. Commenting on the developing narrative, PwC’s blockchain chief, Steve Davies said:
Creating and implementing blockchain to maximize its potential is not an IT project. It’s 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 deal with regulatory change built in.
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