According to a new study released by accounting giant PwC, more than 84% of companies surveyed are actively tinkering with the development of blockchain systems. The 2019 Global Blockchain Survey figured although the technology is innovative in general, there is still very far to go until full implementation is achieved.
Findings within the 2019 Global Blockchain Survey
The firm argued that certain of the key stumbling blocks currently being faced inside R&D blockchain arms race is trust. Essentially, organizations still doubts on issues for example reliability, scalability and the majority of importantly-security.
Furthermore, although the general consensus from the report is always that blockchain will eventually play a big role later in life of business and commerce, out of will still need to be released in gradual stages. Most firms observe that there will definitely be teething problems during this process, but the survey ascertained that a majority of companies expect the extensive benefits to eventually outweigh the values.
In a separate report by Cowen, laptop computer concluded that mass adoption would average 5.Nine years.
Nevertheless, over in the general public sector young couples a number of prominent governmental departments that want to bite the blockchain-bullet. As an illustration, the Uae recently announced they are looking to place nation’s land registry records within the blockchain, and Australia recently signed a partnership with IBM to channel government records over the blockchain protocol. Then in Estonia, the nation has advanced much more: its citizens can officially vote their very own smartphone devices, with the data posted and stored in the blockchain.
Ultimately, some commentators reason that the distinction between cryptocurrencies and blockchain technology start to become ever-more present. Although some believe that both go hand-in-hand, any implementation at a corporate or governmental level will probably be linked to a ‘permissioned and private’ basis. Because of that, it remains to be seen what influence, if any, an upswing of institutional interest in blockchain technology is going to have on the value of cryptocurrencies in the medium to lasting.