According to PwC Global Blockchain Survey which was published on 28th of August, 84% of 600 executives from 15 different business areas reported that their firms consider the prospects of implementing blockchain or are already engaged in this process (perform preliminary researches, develop their own blockchain solutions or have already implemented the technology in their operational activities).
Positive Forecasts
The reason for such intense interest in the technology from business lies in the advantages of blockchain and the possibilities it provides. Thus, the technology doesn’t just replace all kind of intermediaries, reduce transaction costs, and increase speed and reach. It also offers greater transparency and traceability for many business processes and allows to create more advanced business models and paradigms. Taking into account all these benefits, PwC experts predicted that by the year 2030 from 10% to 20% of global economic infrastructure will be running on blockchain-based systems.
The problems that need to be solved
However, there are also some obstacles that would definitely hinder blockchain on its further way of mass adoption. The first — and probably the most — important is an extremely high level of regulatory uncertainty. Even after a few years most governments still act recklessly, contradictorily and cannot propose a unified opinion. The second issue, as was stated in PwC Study, is the lack of trust from users themselves. Finally, there are problems which are already familiar to us: issues with scalability and the ability to bring different blockchain networks together. There are no doubts, that the future range of adoption of the technology will be greatly dependent on the way these problems will be faced and solved.
Nevertheless, in short-term these barriers won’t have such a large impact on the adoption of the technology. The acceptance of the significance and value of the blockchain has already entrenched in our minds and only continues to increase with more and more tech giants like IBM, Google, Amazon, and Microsoft joining the game. It is quite obvious that in the near future they will be followed by other firms from various sectors. In this way, recently, we have seen brands like JP Morgan, Accenture, Deloitte, and HSBC expressing positive intentions about the technology.
To sum up,
it is worth noting that despite sharp mood changes in the cryptocurrency markets, the attitude to blockchain remains positive, and its popularity continues to grow. By that pace, we would be able to see more and more companies switching to blockchain solutions in foreseeable future.
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