A survey done by PricewaterhouseCoopers (PwC) found that regulatory uncertainty and trust are the biggest hurdles to blockchain adoption among various businesses.
PricewaterhouseCoopers (PwC), a professional auditing firm headquartered in London, UK, conducted a new study, dubbed “Blockchain is here. What’s your next move?”, which contains interviews with over 600 executives from 15 countries to establish the development of blockchain among companies and get opinions about the potential of the new technology.
Respondents ranked lack of trust among users and regulatory uncertainty as the top barriers to the adoption of blockchain. According to Steve Davies, the blockchain leader at PwC, businesses want to adopt blockchain technology, even in its early days, but they have serious concerns. He said that:
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.
According to the new survey, four out of five executives globally, which is around 80% of respondents, already have some kind of blockchain initiatives in progress, with around 25% of them being fully implemented or running on a pilot basis. 46% of the respondents identified that the financial industry is the leader when it comes to blockchain development in the next three to five years, with sectors such as energy and utilities, healthcare, and industrial manufacturing falling slightly behind.
Who is leading the way?
The countries that participated include the U.S., the U.K., the UAE, Sweden, Singapore, Netherlands, Japan, Italy, India, Hong Kong, Germany, France, Denmark, China, and Australia. Among these countries, China and the U.S. were identified as the leading markets for blockchain adoption, polling 18% and 29% respectively.
However, the study concluded:
Within three to five years, respondents believe the centre of influence and activity will shift to China (30%), overtaking the US (18%).
The immeasurable potential of blockchain
Blockchain technology has immense potential when it comes to helping businesses achieve their goals. There are many indications showing that this new technology is fundamentally changing the business landscape; including tokenization, initial coin offerings, and enterprise software platforms.
Although the adoption of blockchain among businesses is still in its early days, if regulations are put in place to provide more certainty to businesses and consumers, a trust over the technology will be developed and adoption will spike among businesses spanning multiple sectors.