It seems that the hype around blockchain is increasing at an exponential rate, with a growing number of businesses saying that they are “actively involved” in the technology.
In a new report published by PwC, an impressive 84% of companies said that they have either implemented or are in the process of implementing blockchain technology into their business operations.
“Everyone is talking about blockchain and no one wants to be left behind,” stated the PwC Global Blockchain Survey which questioned 600 executives from 15 jurisdictions.
Blockchain has been around for over a decade as it is the technology that underlies cryptocurrencies such as Bitcoin and Ethereum. As well as facilitating cryptocurrency transactions, the blockchain also has the ability to record all sorts of data transactions on a public, distributed ledger, as well as removing the need for third-party intermediaries. The technology has been heralded as a much faster and more secure way of conducting a range of business operations and it is being used in a range of industries from healthcare, to tourism.
Whilst the number of businesses that are engaging with blockchain is positive, there are concerns around trust levels with 45% of respondents saying that they believed this could be something of a roadblock when it comes to adoption.
“In reality, companies confront trust issues at nearly every turn,” PwC said. “As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security and scalability.”
Whilst may leading figures in the business world such as Warren Buffet and Jamie Dimon have been rather cautious and critical of cryptocurrencies, this has not stopped them from embracing the underlying technology.
Blue-chip giants such as Amazon, Facebook, and Microsoft are all in the process of, or already implementing blockchain-based solutions both internally and for their clients. Back in May, Facebook announced that it was going through a restructuring that would include the introduction of a new blockchain solution. The social media platform will join big names such as IBM, Maersk, Accenture, Deloitte, JP Morgan, and HSBC who are also undertaking similar initiatives.
The potential of blockchain has regularly been compared to the internet, and there have been cases where adding the word “blockchain’ to a company name can send the shares of the company through the roof. But, despite the current excitement around the technology, research from Cowen estimates that it will take almost 6 years for blockchain technology to gain widespread adoption.
E&S Group is a leading corporate & law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at email@example.com to find out how E&S can help you in ‘making things happen’.
For more information click the link.