Global Adoption of Blockchain Technology
The findings also revealed that about 84% of organizations are actively involved with blockchain technology, the rest 45% of companies believed that trust can be a major hindrance in adoption.
The recent infographic shared by Central Council of Blockchain of America (CBCA) emphasized the hurdles faced by organizations globally in adopting the blockchain technology. The infographic highlighted the findings from PwC’s survey stating that Blockchain will be generating a yearly business value of more than US$ 3 trillion by 2030. The result inferred that about 10 to 20% of global economic infrastructure will be dependent on blockchain-based systems.
The infographic also highlighted various stages of blockchain technology adoption of different organizations. Not surprisingly there were 14% organizations with no active or pilot blockchain technology project, there were just 20% organizations that were in their research stage, with other 32% being in their development stage and the rest 15%, 10%, and 7% is actually live, being in their pilot stage, pausing the project midway respectively.
The findings also revealed that about 84% of organizations are actively involved with blockchain technology, the rest 45% of companies believed that trust can be a major hindrance in adoption. While the other 28% organizations felt that interoperability of systems is crucial for success. There were these 30% organizations that visualized China as an emerging leader in the blockchain space.
Interesting to note were the other chief barriers in the successful adoption of blockchain technology with 48% organizations thinking that regulatory ambiguity can be the reason why companies are hesitant. The other 45%, 44%, 41% felt that dearth of trust among users, the capability to bring network together and ineffectiveness of distinct blockchain together can be another reason. While the rest 30%, 29%, and 20% organizations felt that intellectual property trepidation, inability to scale and compliance anxiety can be other major reasons.