More than 80% of the world’s companies realizing or implemented blockchain projects in varying degrees, with a quarter of them have already launched pilot projects or fully completed their implementation, according to a study by the consulting company PwC.
The PwC study “Blockchain is here. What’s your next move? “Is based on a survey of 600 executives from 15 countries and territories: Australia, China, Denmark, France, Germany, Hong Kong, India, Italy, Japan, Netherlands, Singapore, Sweden, UAE, UK and USA. Respondents were asked questions about the development of blockchain technology within the company and learned their opinion about its potential.
Blockchain technology makes it possible to organize a decentralized registry or database, the information in which is stored not on a single server, but on a variety of different computers. According to this technology, in particular, there is a database where information about bitcoin operations is stored. According to some experts, the technology allows to seriously optimize the costs of business and the state. In particular, it helps to conduct online payments, promptly confirm the relevance of the customer or transaction data, register transactions and maintain their registry.
BLOCKCHAIN FOR BUSINESS
“Four out of five executives around the world (84%) reported that they are implementing initiatives related to the blockchain, and a quarter of them (25%) have fully implemented or pilot blockchain projects,” the document says.
The study specifies that of the 84% of companies implementing blockchain projects, 15% already work, 10% – are pilot, 32% – are developing, 20% are at the research stage, and 7% are suspended. Another 14% of companies did not study the use of blockchain technology. The survey data was rounded, so the final score as a result of the count is not 100%.
“A well-designed business unit not only reduces the number of intermediaries, it reduces costs and increases the speed, availability, transparency, and traceability of many business processes.” The advantages can be convincing if organizations understand that their ultimate goal requires the use of technology and corresponds to their line of business, ” – are given in the study of the words of the head of the blockchain direction in PwC Steve Davies (Steve Davies).
LEADERS OF BLOCKCHAIN
The majority of the respondents believe that among the various sectors of the economy, the financial services sector is the leader in the development of the blockchain; almost 46% of respondents believe that this sector will remain the leading one on this issue and in the short term (from three to five years). The potential for the development of blockchain at these times is also expected in the energy and utility sectors (this was stated by 14% of respondents), health (also 14%), in industrial production (12%).
The most advanced countries for the development of blockchain representatives of world companies called the United States (29%) and China (18%). However, within three to five years the situation will change almost mirror, and the center of influence and activity in this sphere will move to China (30%), and the USA will move to the second place (18%), the respondents consider.
However, there are risks. “Business representatives told us that they do not want to stay away from blockchain technology, but even if it’s an early stage of project development, there are fears about trust and regulation. Blockchain by its very definition should be credible, but in reality, companies are confronted with problems of trust at almost every step, “Davis said.