Our Work Here Is Done, 84% Of Firms Now Using Blockchain Tech
As blockchain and crypto enthusiasts, our goal is to get everyone in the world using blockchain technology. We believe in this technology because we know it has the power to change the world. Like the early advocates of the internet, we have, in our hands, a technology that will change the way we communicate, spend money, store data and many other things.
According to new research by PwC, 84% of surveyed firms (around 600 in total, across 15 territories) already have some involvement with blockchain technology.
Our work here is done?
Okay, not quite, not until everyone is on the blockchain. At the very least though, this suggests somehow, we are doing the right thing, right?
Hereâs a breakdown of PwCâs findings
According to Business Insider:
âOf the respondents, 64% reported that their organizations had a blockchain project underway, though 34% of participants indicated that such projects are only at the research or theoretical stage of development.â
Even so, research is the first step, therefore this finding is significant.
Of course, many of the surveyed firms have encountered problems within their blockchain operations:
âCosts, lack of knowledge, and inadequate governance were highlighted as obstacles to developments of blockchain projects by those companies that have yet to make much progress. Regulatory uncertainty is the biggest barrier to blockchain adoption, cited by 48% of respondents. Close behind are a lack of trust among users (45%) and the ability to bring a network together (44%)."
âThe majority of respondents (46%) consider financial services to be the leading industry for blockchain development. Although this is almost half the number who said the same last year (82%), it remains significantly higher than the other most cited industries, including energy and utilities (12%), industrial products (12%), and healthcare (11%). Furthermore, the report notes a shift in the center of gravity from the US and EU to China. The US is seen as the current leader in blockchain development, selected by 29% of respondents, but 30% of executives anticipate China will take this mantle within the next three to five years.â
Financial services seems to be the most popular area for blockchain adoption, though could always assume that this might be the case. Energy and utilities is another big area, and frankly, I think itâs quite surprising that in this survey, only 12% of the firms questioned believe energy and utilities is a leading application for blockchain technology.
This is of course a very limited survey, though the findings confirm that blockchain technology is still a product with huge potential. In the commercial field, blockchain technology is sought after, firms are using it, learning about it and researching it. The blockchain is no longer a product of the crypto community, instead, itâs grown its wings and is now in the hands of institutions that are just learning how to make the most of it.