A report issued by PwC shows that 84 percent of companies surveyed have had “some involvement” with the technology, with the US, China and Australia leading the pack in development.
While regulation concerns are still at the forefront of blockchain technology, a report issued on Monday (August 27) indicates that company executives are taking blockchain’s implementation seriously.
The report, called “Blockchain is here. What’s your next move?” and published by PricewaterhouseCoopers (PwC), found that 84 percent of surveyed executives have started undertaking the transformative technology in their business practices.
PwC’s survey included 600 executives from roughly 15 different countries about ways they’re implementing blockchain and their thoughts on its future outlook.
“Everyone is talking about blockchain, and no one wants to be left behind,” the report summary reads.
In a press release issued on Tuesday (August 28) summarizing PwC’s findings, it stated that 10 percent have a “blockchain implementation pilot” in the works, while 15 percent have one already active. Meanwhile 32 percent are currently developing blockchain projects, while 20 percent are “in research mode.”
Steve Davies, blockchain leader at PwC, said in the release that while executives don’t want to fall out of the loop as it relates to blockchain, concerns about its trustworthiness and regulation still linger.
In the report’s findings, it states that the benefits of blockchain come to fruition when industry participants join forces to create a platform and that “the greatest return” of blockchain isn’t realised if one is just building it for themselves.
As a result, the report states that 48 percent of the participants have regulatory concerns, 45 percent don’t trust other users and 44 percent have issues surrounding being able to “bring the network together” as the chief concerns about adopting blockchain.
“In reality, companies confront trust issues at nearly every turn,” PwC writes. “As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security and scalability. And there are concerns regarding a lack of standardisation and the potential lack of interoperability with other blockchains.”
In the press release, it explains the top benefits as it relates to blockchain will come through shared platforms. However, it won’t happen without “industry specific companies” working together and agreeing on basic standards.
“A well – designed blockchain doesn’t just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes,” Davies explained in the press release. “The business case can be compelling, if organisations understand what their end game is in using the technology, and match that to their design.”
In terms of regions leading the pack in blockchain developments, the US comes out on top at 29 percent, China 18 percent and Australia seven percent as the most advanced. That said, PwC estimates that China will surge past the US over the next three-to-five years at 30 percent.
Other territories considered leaders in the space include the UK, Denmark, India, Japan and Hong Kong.
Indeed, blockchain’s hype is second-to-none. Case in point–research by Gartner estimates the industry will reach US$176 million by 2025 and surpassing a staggering US$3.1 trillion by 2030. In short, what this means is that long term investments in the industry are undoubtedly a sure thing.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.