What is the state of blockchain today? A survey of 600 executives from 15 territories conducted by PwC, UK, reveals that 84% of organizations polled have at least some involvement with blockchain technology.
However, 45% believe trust could delay adoption, 30% see China as a rising blockchain leader and 28% say interoperability of systems is key for success.
There are many indications that blockchain is fundamentally altering the business landscape. Here are just a few significant shifts:
- Tokenization. The representation of real or virtual assets on a blockchain is spreading to raw materials, finished goods, income-producing securities, membership rights and more.
- Initial coin offerings (ICOs), in which a company sells a pre-defined number of digital tokens to the public, are funneling billions of dollars into blockchain platforms. The largest ICOs to date have been diverse and included EOS, a blockchain protocol.
- Enterprise software platforms, the engine for company operations such as finance, human resources and customer relationship management, are beginning to integrate blockchain. For example, Microsoft, Oracle, SAP and Salesforce announced blockchain initiatives. In the future, many core business processes will run on — or interoperate with — blockchain-based systems. Using blockchain in concert with enterprise resource planning (ERP) platforms will enable companies to streamline processes, facilitate data sharing and improve data integrity.
- New industry and territory leaders are emerging. Survey respondents still perceive financial services to be the current and near-term future leader of blockchain, but also see potential in industrial products, energy and utilities and healthcare. Moreover, an early center of gravity in the United States and Europe is shifting. Survey respondents believe that the United States is the most advanced territory in developing blockchain today, but that in 3-5 years, the leader will be China.