PwC Survey: China to Outrank US as Leader in Blockchain Dev

According to PricewaterhouseCoopers, PwC, the United States remains a global leader regarding blockchain tech. However recent industry events suggest that China is following close behind, possibly even gaining the ability to out-do the US in the race for blockchain implementation and advances.

PwC 2018 Blockchain Survey

A survey issued by PwC examined the perspective of six hundred individual execs across fifteen countries worldwide determining that 29 percent of them believed America claims most advanced in blockchain development, closely followed by China with 18 percent in agreement and finally Australia. The study also indicates that 30 percent of those surveyed believe that China has the ability to overtake America in ranking within the span of only five years.

The newly established decentralized network focused on revolutionizing the publishing and academic industry, Orvium’s, Chief Executive Officer, Manuel Martin, claims that countries such as Japan, Liechtenstein, Gibraltar, South Korea, and Malta are quickly gaining speed in blockchain development. Officials from the ministry of Japanese economy have announced the launch of a blockchain inspired platform designed to share data within the trade industry. Meanwhile, South Korea continues to promote and expand the use of blockchain technology in various ways such as awareness campaigns and hackathons. Malta recently announced the approval of a regulatory framework for ICOs, distributed ledger tech, as well as digital currencies this June whereas Liechtenstein has been implementing what they termed the Blockchain Act, which hopes to offer companies and their respective clients legal reliability by integrating existing business models with regulatory terms.

This year’s PwC Blockchain Survey offered statistics suggesting global businesses are keen to adopt blockchain related technology regardless of current uncertainty with regulations. The survey also defined regulatory activity as the largest deterrent to general industry adoption. Participants stated their beliefs that blockchain offers a plethora of possibilities which include lowered costs, faster speeds, increased traceability as well as improving transparency. Gartner Inc., a global research, and advisory firm, provided a forecast predicting a yearly business value of over $3T USD generated by blockchain technology by the year 2030  

PwC’s Blockchain Lead, Steve Davies, stated that despite early stages, business execs and clients express their desire not to fall behind with the blockchain trend, however general concerns regarding regulation exists.

The survey also shows that over 80 percent of executives who participated stated there is some degree of blockchain implementation into their respective companies with only 25 percent of them operating with live blockchain systems or test phase pilots.

Does Blockchain Live Up to the Hype?

Possible uses for the technology are being investigated by industry giants such as Microsoft, Facebook, and Amazon. This May, Facebook released a statement regarding their plan to launch an entire team focused on blockchain projects. The team will be led by Coinbase’s previous board member, David Marcus.

However, Blockchain-based Streamr’s head of strategy, Shiv Malik, stated he has yet to see blockchain come to terms with the global hype stating that the general community either over or underestimates potential change offered by blockchain implementation particularly when looking at what it offers each vertical and industry. He believes tangible results outside of media hype have yet to alter the world as we know it, particularly for industries beyond fintech.

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