PwC study shows four out of five executives surveyed (84%) report blockchain initiatives underway
- China to overtake US as leading blockchain developer within three to five years.
- Trust, regulatory uncertainty identified as biggest barriers to business adoption.
LONDON, Aug. 28, 2018 (GLOBE NEWSWIRE) -- 84% of executives surveyed by PwC, report blockchain initiatives underway – 15% fully live.
The new research from PwC – Blockchain is here. What’s your next move? – surveyed 600 executives in 15 countries and territories, on their 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.
A quarter of executives report a blockchain implementation pilot in progress (10%)or fully live (15%). Almost a third (32%) have projects in development and a fifth (20%) are in research mode.
The US (29%), China (18%), Australia (7%) are perceived as the most advanced currently in developing blockchain projects. However within three to five years, respondents believe China will be have overtaken the US (30%), 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% identifying it as the leading sector currently and 41% in near term (3-5 years). Sectors identified by respondents with emerging potential within 3-5 years include energy and utilities (14%), healthcare (14%) and industrial manufacturing (12%).
“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.
“A well – designed blockchain doesn’t just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes. The business case can be compelling, if organisations understand what their end game is in using the technology, and match that to their design.”
Blockchain’s biggest benefits will be developed and delivered through shared industry wide platforms. But the study notes that this won’t happen without industry specific companies – including competitors – agreeing common standards and operating together.
Despite the technology’s potential, respondents identified trust as one of the biggest blockers to blockchain’s adoption. 45% identified it as blocker to blockchain adoption: 48% believe its regulatory uncertainty. Concern about trust amongst users is highest in Singapore (37%); UAE (34%) and Hong Kong (35%), reflecting in part the dominance of financial services in blockchain development. Concern about regulatory uncertainty was highest in Germany (38%); Australia (37%) and the UK (32%).
“Blockchain by its very definition should engender trust. But in reality, companies confront trust issue at nearly every turn. Failing to state a clear business case from the outset leads to projects stalling,” continues Steve Davies, PwC. “Businesses needs to put more effort into building into their design how they can tackle trust and regulatory concerns.”
“Creating and implementing blockchain to realise its potential is not an IT project. It’s a transformation of business models, roles, and processes. It needs a clear business case, an ecosystem to support it; with rules, standards and flexibility to deal with regulatory change built in.”
One in three of those respondents who reported little or no involvement with blockchain cited the reason for a lack of progress as cost (31%), uncertainty over where to start (24%) and governance issues (14%).
The study identifies four key areas for focus in the development of internal or industry wide blockchain platforms:
- Make the business case: organisations can start small, but need to set out clearly the purpose of the initiative so other participants can identify and align around it.
- Build an ecosystem: Participants should come together from different companies in an industry to work on a common set of rules to govern blockchains. Of the 15% of survey respondents who already have live applications, 88% were either leaders or active members of a blockchain consortium.
- Design deliberately around what users can see and do: Partners need rules and standards for access permissions. Involving risk professionals including legal, compliance, cybersecurity – from the start will ensure blockchain frameworks that regulators and users can trust.
- Navigate regulatory uncertainty: The study warns that blockchain developers should watch but not wait as regulatory requirements will evolve over the coming years. It’s vital to engage with regulators to help shape how the environment evolves.
Download the study here: pwc.com/blockchainsurvey
- The study examines the views of 600 executives in 15 countries: Australia, China, Denmark, France, Germany, HK, India, Italy, Japan, Netherlands, Singapore, Sweden, UAE, UK, US.
- 14% had no activity in place and 7% have paused their development.
- Of the 15% who already have live applications, 88% were leaders, or active members of consortia who were responsible for the blockchain infrastructure supporting their application. Companies that take a leadership role in a consortium have principal funding and control considerations, including IP ownership.
- Membership / Participation:Respondents also reported on the management of their use cases. Of those use cases, 40% have restricted access to participate (permissioned), and all participants are pre-qualified: 34% allow anyone to participate (permissionless): 26% take a hybrid approach (some data is private; some is open to everyone). Considering access to the blockchain, 40% are private; 28% hybrid and 32% have public access to read transactions on the blockchain.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2018 PwC. All rights reserved.
|Contacts||Rowena Mearley, PwC Global Communications
Mobile: + 44 7952 715739
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
Real World Cloud Orchestration Facilitates Easy Migration to All-IP18.4.2019 22:05:00 CEST | Pressemelding
For All-IP service providers in Malta and the Netherlands, Patton Cloud edge orchestration has lowered costs with fast, simple activation and management of enterprise IP-Telephony services SmartNode VoIP… More than Just Talk! BERN, Switzerland, April 18, 2019 (GLOBE NEWSWIRE) -- Patton—a U.S. network-equipment manufacturer and multi-national provider of enabling solutions for virtualized network function virtualization (NFV) SD-WAN, All-IP, and unified communications (UC) services—has saved the day for Dutch and Maltese national IP-communications providers with its Patton Cloud network edge orchestration service. VIDEO: Cloud Powered Services Netherlands ISDN Services are going away in the Netherlands. Yet scores of business subscribers can't simply jump into an All-IP network overnight. Investments in ISDN-based systems, fused with established business-processes, preclude such reckless dismantling of on-premise legacy systems. Business customers need flexibility to manage migration to
Acreage Holdings Announces Signing of Arrangement Agreement18.4.2019 17:02:00 CEST | Pressemelding
FRANKFURT, Germany, April 18, 2019 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.U) (OTC:ACRGF) (FSE:0VZ) and Canopy Growth Corporation (“Canopy Growth”) (TSX:WEED) (NYSE:CGC) (together, the “Companies”) entered into a definitive arrangement agreement (the "Agreement") that grants Canopy Growth the right to acquire 100 percent of the shares of Acreage (the “Right”), with a requirement to do so at such time as cannabis production and sale becomes federally legal in the United States of America (the "Transaction"), subject to obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively (the “Shareholder Approval”), as well as the approval of the Supreme Court of British Columbia, Canada (the “Court Approval”). Following the Shareholder Approval and the Court Approval, under the terms of the Agreement, and upon exercise of the Right, the total consideration payable pursuant to the Transaction is valued at approximatel
WillScot to Participate at the Credit Suisse Extreme Services Conference18.4.2019 16:19:00 CEST | Pressemelding
BALTIMORE, April 18, 2019 (GLOBE NEWSWIRE) -- WillScot Corporation (“WillScot”) (NASDAQ: WSC), the specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that Brad Soultz, President and Chief Executive Officer, and Tim Boswell, Chief Financial Officer, will host a day of one-on-one and group meetings with investors at the Credit Suisse Extreme Services Conference to be held at Credit Suisse’s New York City office, on Tuesday, May 7, 2019. About WillScot Corporation Headquartered in Baltimore, Maryland, WillScot is the public holding company for the Williams Scotsman family of companies. WillScot trades on the Nasdaq stock exchange under the ticker symbol "WSC," and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, governm
TrueCommerce Datalliance Releases First Platform Update of 201918.4.2019 16:00:00 CEST | Pressemelding
Supply chain software company expands self-service options, more control for customers’ data CINCINNATI, April 18, 2019 (GLOBE NEWSWIRE) -- TrueCommerce, a global provider of trading partner connectivity, integration and unified commerce solutions, has announced today that TrueCommerce Datalliance, its division focusing on vendor managed inventory (VMI) and collaborative replenishment (CR) software, has released its first of three software updates for 2019. In addition to general reliability and stability fixes, the update provides customers with more control over updating specific fields and who has access to that information, as well as adding store-driven demand. Doug Bethea, Vice President of Consumer Goods Solutions said, “Every update is multifaceted. We implement necessary security changes and adjust code to optimize performance for our customers. We also bring our own ideas as value-adds. Additionally, we are always working with customers to implement advanced features as it is
Constellation Brands Enters Into Agreement with Canopy Growth Corporation to Modify Warrants and Other Rights18.4.2019 15:33:00 CEST | Pressemelding
VICTOR, N.Y., April 18, 2019 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, today announced that it plans to enter into an agreement with Canopy Growth Corporation (“Canopy”) (TSX: WEED, NYSE: CGC), a leading diversified cannabis company, to modify certain warrants and other rights. These changes are the result of Canopy’s intentions to acquire Acreage Holdings, Inc. (“Acreage”) upon U.S. Federal cannabis legalization. Earlier today, Canopy announced (see Canopy press release “Canopy Growth Announces Option to Acquire Leading U.S. Multi-state Cannabis Operator, Acreage Holdings”) it has entered into an agreement with Acreage, a U.S. multi-state cannabis operator, where Canopy plans to acquire the shares of Acreage upon U.S. Federal cannabis legalization (the “Triggering Event”), subject to certain conditions. This transaction, as well as proposed modifications to certain Constellation warrants, are subject to approval by Canopy
Resverlogix’ BETonMACE Phase 3 Trial Successfully Reaches its Targeted 250 MACE Events18.4.2019 14:00:00 CEST | Pressemelding
World’s First Phase 3 BET Bromodomain Epigenetics Trial Reaches Events Target CALGARY, Alberta, April 18, 2019 (GLOBE NEWSWIRE) -- Resverlogix Corp. (“Resverlogix” or the "Company") (TSX:RVX) today announces that BETonMACE, the Company’s event-based, phase 3 registration trial has successfully reached 250 projected major adverse cardiac events (MACE), strictly defined as cardiovascular death, non-fatal myocardial infarction and stroke, moving the trial towards completion. Successful data from this trial would enable Resverlogix to proceed towards the regulatory approval and commercialization of its lead drug, apabetalone. “Resverlogix staff and stakeholders have worked diligently for the past 18 years to attain this extremely exciting goal,” said Donald McCaffrey, President and CEO of Resverlogix. “The trial’s extensive breakthrough clinical data will soon be available to Resverlogix. Successfully meeting the trial’s endpoints, the substantial data set and otherwise new findings would