China expected to overtake US as leading developer
Most executives surveyed by PwC on blockchain initiatives say.
China would overtake US as the leading blockchain developer within three to five years.
Trust, regulatory uncertainty were identified as the biggest barriers to business adoption by 84 per cent of the executives surveyed.
The PwC research titled “Blockchain is here. What’s your next move?” surveyed 600 executives in 15 countries and territories, on their countries’ development of blockchain and views on its potential.
As blockchain rewires business and commerce, the research provides one of the clearest signals yet of organisations’ fear of being left behind as blockchain developments accelerate globally, opening up opportunities including reduced cost, greater speed and more transparency and traceability.
The US (29 per cent), China (18 per cent), Australia (7 per cent) are perceived as the most advanced currently in developing blockchain projects. However within three to five years, respondents believe China will have overtaken the US (30 per cent), shifting the early centre of influence and activity from the US and Europe.
The survey reflects the early dominance of financial services developments in blockchain with 46 per cent identifying it as the leading sector currently and 41 per cent in near term (3-5 years). Sectors identified by respondents with emerging potential within 3-5 years include energy and utilities (14 per cent), healthcare (14 per cent) and industrial manufacturing (12 per cent).
“What business executives tell us is that no-one wants to be left behind by blockchain, even if at this early stage of its development, concerns on trust and regulation remain,” comments Steve Davies, Blockchain Leader, PwC.
