Regional News

Blockchain technology is already used by 84% of managers worldwide

By Silvia Castro Betancourt 0 Comments NEWS, Regional News

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

According to the Global Blockchain Survey 2018 carried out by PwC, the vast majority of executives have already started up blockchain initiatives in their companies. However, the degree of progress of these initiatives differs, given that only 15% have fully functioning projects. Regarding the rest, 10% is in the test phase, 32% in development, 20% in the study phase and the remaining 14% have not even considered its implementation.

Another conclusion pointed out by the results of the PwC survey is the consensus that exists in companies about the ability of blockchain to revolutionize the world of business and electronic commerce. In fact, in terms of its benefits, the main advantages to which it points are towards a "reduction of costs and an increase in transparency, traceability, and speed in business processes".

In this line, the consultant reveals that, by 2030, blockchain is expected to support between 10% and 20% of the infrastructure necessary for the functioning of the world economy. And blockchain is assuming a revolution in many areas. In this sense, PwC indicates that its application can be interesting in sectors such as energy, industry, health, the public sector, retail and consumer, and leisure and entertainment. However, if there is any sector where the implementation of this technology is key, it is the financial one. This is confirmed by 46% of the interviewees, who point out that it is precisely this sector that is driving the development of blockchain in the business environment - a trend that is expected to continue for three to five more years.

Also, by country, managers consider that the United States (29%), China (18%) and Australia (7%) are the ones that are leading in development, although they also foresee that in the next three to five years China will will become the first center of activity, ahead of the United States and Europe.

However, and despite the great potential of blockchain technology in the business world when talking about its development, managers indicate the existence of a series of obstacles that is slowing it down. The main one is the regulatory uncertainty, considered by 48% of the respondents. This barrier is followed by other reasons that impel the paralysis of the initiated projects such as lack of confidence (45%) and cost (31%).

Finally, the PwC study considers that a series of symptomatic changes are taking place in the business environment that allow advancing the impact that the blockchain will have in the future, such as, for example, the 'tokenization of assets', whether real or virtual in blockchains; the so-called ICOs (Initial Coin Offerings), which allow companies to finance themselves through cryptocurrencies, and which in the first five months of this year have raised more than 13.7 million dollars; and the implementation of blockchain technology in corporate software platforms that support the functions of finance, human resources and customer relations.

The document concludes by highlighting the importance it will have for the definitive expansion of this technology, the ability of companies from different sectors and industries to agree and work together to design common operating standards.

"In 2019 some of the main Spanish organizations will already have important blockchain-based initiatives, fundamentally related to digital identity and transformation of business processes," they point out from PwC.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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