PWC Survey Shows 84% of Companies Are Actively Engaged in Blockchain

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Bitcoin, Blockchain concept on server room background. Source: shutterstock.com

The hype around blockchain has finally started to yield results. A new survey from PwC published on Monday claims that a vast majority of companies are actively engaged in experimenting with blockchain technology. The survey further suggests that organizations around the world do not want to feel left behind because of which they are diving heads first into the world of digital ledgers. However, lack of regulation could be a cause of concern for adoption.

FOMO Working in Full Swing

Most organizations are afraid that they will miss out on the latest technology that could improve speed, guarantee authentication and save millions of dollars in costs. The PwC 2018 Global Blockchain Survey, claims that 84 percent of executives are “entirely involved” in blockchain technology. About 600 executives from 15 territories participated in the survey.

The report suggests:

“Everyone is talking about blockchain, and no one wants to be left behind.”

The message is clear, companies want a share of the blockchain pie, and they won’t leave any stones unturned to find new use cases for the technology. From banking to marijuana, gold tracking to healthcare, distributed ledgers are being touted as a way for organizations to take a slice of the future.

What Could Stop the Blockchain Rollercoaster?

Blockchain has been riding high for a while now, and the survey reveals a bright future for the technology. However, there are some roadblocks to its adoption. For instance, the lack of regulatory frameworks is making executives apprehensive. About 45 percent of the respondents suggest that “trust” was a key issue in making blockchain widely adopted.

PwC says in the report:

“In reality, companies confront trust issues at nearly every turn, As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security, and scalability.”

Top technology companies like Facebook, Microsoft, and Amazon are already exploring new use cases for the technology. Walmart and Chinese retail giant Alibaba are also making their presence felt in blockchain tech. For now, concerns related to intellectual property, compliance and the “ability to bring the network together” will keep organizations from mass adoption.

PWC Survey Shows 84% of Companies Are Actively Engaged in Blockchain was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.