PwC study reveals Blockchain mass adoption barriers that reportedly are slowing down the wider acceptance of this nascent technology in the modern market. Which barriers did PwC identify?
28 August, AtoZ Markets – A new study from the “Big Four” auditing firm PricewaterhouseCoopers (PwC) reveals that the regulatory uncertainty and trust emerge as the key barriers for Blockchain adoption among businesses.
PwC Study reveals Blockchain Mass Adoption barriers
The study is entitled “Blockchain is here. What’s your next move?” has been conducted by PwC. It has examined 600 executives in 15 different countries. The study 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. Steve Davies, the Blockchain leader at PwC, has added:
“Businesses tell us that they don’t want to be left behind by blockchain, even if at this early stage of its development, concerns on trust and regulation remain. Blockchain by its very definition should engender trust. But in reality, companies confront trust issues at nearly every turn.
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.”
84 percent of executives have Blockchain initiatives
As per the study, four in five executives globally have Blockchain initiatives in progress. This represents as much as 84 percent of respondents. 25 percent of them already have live Blockchain implementation project or some pilot projects in place.
Following on this, 46 percent of respondents identified the financial sector as the leader in relation to the Blockchain development in the period of the next three to five years. Respondents have also noted that sectors with emerging potential for the same period of time would be the energy and utilities, industrial manufacturing and healthcare.
The US and China have been also singled out by respondents as leading markets for Blockchain development. Study participants have also forecasted that within the next three to five years, the center of influence will move to China from the US.
Blockchain benefits for financial services sector
Earlier last month, the scientific research institute under the Chinese Ministry of Industry and Information Technology in collaboration with Tencent Holdings has published a report regarding Blockchain in financial services.
As per the findings of the report, Blockchain will improve “the transparency of financial transactions, strengthen the flexibility of system operation, and automate processes, thus affecting the record keeping, accounting and payment settlement methods of financial services.”
Think we missed something? Let us know in the comments section below.