PwC and VeChain Release Blockchain Survey Results
The newly formed partnership between PwC and VeChain is already at work using data to improve the adoption of blockchain technology. They have released a 2018 Market Survey Report for Application of Blockchain in China. Findings highlight logistics, government and medical industries as areas that stand to benefit most from implementing blockchain technology. While industry-specific concerns were present, there is common agreement among respondents that the greatest challenge at hand is standardising policy to structuring continued development of the technology.
130 questionnaires, and held two focus group discussions engaging more than 40 respondents. Respondents were from nearly 20 industries, involving more than 10 functional departments. The most glaring statistic is security - 85.7% of respondents cited “tamper-resistant” as a core feature of blockchain technology.
Knowledge is Power
48.4% of total respondents who have a “basic understanding” are optimistic.
84.2% of respondents who are “working in the industry” are optimistic.
85.7% of respondents “with experience of applying blockchain technology” are optimistic
Companies Already Using Blockchain
50% stated their use of the technology was for security traceability
20% distributed data storage, identity authentication, shared data & application, supply chain
53.3% set up in-house blockchain R&D teams
30% cooperating with blockchain start-up
13.3% cooperating with well-known company
3.3% investing in or acquiring external blockchain start-up
One of the partners in PwC commented on the strong push their company is making to research, understand and implement blockchain technology. The wave of adoption seems inevitable to him, so the companies that are already experienced with it, will have a massive leg up on the competition.
“A great many more enterprises will begin using blockchain when the technology is supported by comprehensive policy. When policy is established, enterprises that have already applied blockchain will have made substantial headway, and will stand to reap the benefits.”