Study Reveals Reason Behind Slow Blockchain Adoption
A new study has given an insight into the slow blockchain adoption among global businesses. The study conducted by PricewaterhouseCoopers indicates that strict regulations and mistrust are the major inhibitors.
The study dubbed “Blockchain is here. What’s your next move?” was carried out in over 100 nations. The opinion of about 600 executives was sort during the study. The survey was conducted in Asia, North America, Europe and the Middle East.
Unpredictable regulations, user mistrust was ranked as the top reasons for the slow adoption.
According to PwC blockchain leader Steve Davies, business expressed interest in using blockchain but trust issues were holding them back.
About 84% of respondents said that they launched blockchain initiatives that were still under construction while 25% had fully implemented the technology.
About 46% said that the financial industry will be a force to reckon with when it comes to blockchain adoption within five years while energy sector also showed potential.
The executives identified the US and China as the top blockchain leaders. About 30% of the respondents believe China will soon be the top destiny for blockchain in the near future.
The survey comes after a Chinese institution released a report on blockchain adoption by financial service providers. It emerged that the technology will promote transparency while strengthening flexibility.