The latest has shown that the Fear of Missing Out (FOMO) has hit the corporate sector as Blockchain disrupts business and commerce. A report by PwC also showed that America’s dominance in technology is under threat with unpredictable repercussions.
PwC Predicts Huge Blockchain Growth
The study by one of the “Big 4” international auditing firms PwC found that blockchain-based developments are speeding up globally and opening fresh opportunities including enhanced speeds, cost reduction, traceability, and transparency. 84 percent of respondents stated their organizations were experimenting with blockchain while file 15 percent were fully involved.
Developments in the financial sector have taken early blockchain dominance at 46 percent with energy and utilities at 14 percent followed by industrial manufacturing at 12 percent. Steve Davies, the PwC blockchain head said;
“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.”
The new research dubbed “Blockchain is here: What’s your Next Move?” that was released today surveyed over 600 executives in over 15 countries and regions on their involvement in Blockchain and their opinion on the new disruptive technology.
While the United States, China, and Australia are considered the leaders in the technology at 29 percent, 18 percent and 7 percent respectively, the report predicts that China is on its way to overtaking the US as the center of influence within the next three to five years. Paul Mitchell, Fintech, and Blockchain head at PwC South Africa state:
“The speed at which the Blockchain technology is being adopted is unprecedented. There is a growing recognition that this technology has profound implications in many areas, and we are watching it move from a startup idea to an established technology in a fraction of the time it took for the Internet to be accepted as a standard tool.”
The report specifies that blockchain’s potential will can only be achieved via shared industry platforms; industry-specific companies, including competitors, must agree on common standards and operations, citing South Africa Reserve Bank’s Project Khokha as an example of partnership.
The Achilles heel to blockchain’s potential adoption, however, according to 50 percent of respondents, was cited as trust (In Singapore-34% and Hong Kong-35%) whiles another 48 percent (in Germany) named regulatory uncertainty as for their biggest worry.