According to PwC’s 2018 Global Blockchain Survey, 84% of 600 executives from 15 territories have admitted their companies are dabbling in the technology.
45 percent of PwC respondents, which were largely business executives with technology responsibilities, told “trust” could be the main barrier in blockchain’s adoption.
“In reality, companies confront trust issues at nearly every turn. As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security and scalability,” PwC said.
Among other key roadblocks for blockchain adoption, respondents have mentioned regulatory uncertainty, compliance concerns, intellectual property concerns.
As a reminder, according to a Cowen survey, 23 blockchain experts expect on average the technology will take 5.9 years to gain widespread adoption.
Blockchain is the technology that underlies cryptocurrencies like bitcoin. It records transactions on a public, distributed ledger and gets rid of the need for a third party in most cases. The technology is touted as faster and more secure by advocates and is being tested for everything from health records to the legal marijuana industry.