PwC Praises Blockchain Utility

PwC praises Blockchain utility, claiming that the technology has the potential to disrupt global supply chains. Analyst with PwC added that “Blockchain is rewiring commerce and rewiring business, from the back office to the front office.”

21 September, AtoZ MarketsIn the cource of the past few days, representatives of the Big Four auditing company PricewaterhouseCoopers have praised the utility and popularity of Blockchain technology. 

PwC Singles Out Blockchain Adoption Obstacles

Earlier this month, AtoZ Markets reported that new study from the auditing firm revealed that the regulatory uncertainty and trust emerge as the key barriers for Blockchain adoption among businesses. 

The study entitled “Blockchain is here. What’s your next move?” has been conducted by PwC. It has examined 600 executives in 15 different countries. It looked into their development of Blockchain and opinions about its potential. The list of the countries that took part in the research includes Australia, China, Denmark, France, Germany, Hong Kong, India, Italy, Japan, Netherlands, Singapore, Sweden, the UAE, the U.K., and the U.S.

Respondents have ranked regulatory uncertainty, ability to bring a network together and the lack of trust among users as the top three barriers for wider Blockchain adoption.

PwC Praises Blockchain Utility

The same sentiments were mirrored by the PwC Blockchain Head Grainne McNamara in the latest public remarks. McNamara highlighted how regulatory and trust issued were weighing on the industry development, yet, emphasized that there was a strong demand for Blockchain-linked services from the PwC. 

McNamara also stated that the demand for services related to Blockchain advisory was “still really, really, really strong,” adding how “every sector” the company is dealing with expressed interest in this infant technology. 

McNamara mentioned that excitement is still emerging from the issuers of the potential token assets in addition to “enterprise applications of blockchain technology.” There are also people that still think about how and where to list digital assets, according to PwC Blockchain Head.

Several days earlier, during the digital retail conference in Las Vegas, a PwC analyst stated how Blockchain technology would bring huge changes to how retail supply chains presently operate.

Blockchain Can Disrupt Global Supply Chains

As per the PwC analyst Scott Likens, there is a “huge opportunity” for Blockchain to disrupt global supply chains. This is based on the digital ledgers’ ability to provide improved data security. Likens stated that “Blockchain is rewiring commerce and rewiring business, from the back office to the front office.”

Likens also mentioned that Blockchain in being introduced to the public much quicker thanks to the sponsorship from the officials. A number of officials from the Chinese government and in businesses see Blockchain as a cost-efficient method to confirm food safety and origin. Due to these reasons, Blockchain has been receiving a lot of attention from agricultural market participants. 

Finally, Likens presented Blockchain, the IoT, and AI as “no-brainers” to invest in. He stated that each can be integrated and interconnected with each other.

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