Four Out of Five Executives Surveyed by PwC Report Blockchain Initiatives Underway

Originally Published by PwC.

84% of executives surveyed by PwC report blockchain initiatives underway 15% fully live. The new research from PwC Blockchain is here. What’s your next move surveyed 600 executives in 15 countries and territories, on their development of blockchain and views on its potential.


As blockchain rewires business and commerce, the research provides one of the clearest signals yet of organisations’ fear of being left behind as blockchain developments accelerate globally opening up opportunities including reduced cost, greater speed and more transparency and traceability.

A quarter of executives report a blockchain implementation pilot in progress (10%)or fully live (15%). Almost a third (32%) have projects in development and a fifth (20%) are in research mode. The US (29%), China (18%), Australia (7%) are perceived as the most advanced currently in developing blockchain projects. However within three to five years, respondents believe China will have overtaken the US (30%), shifting the early centre of influence and activity from the US and Europe.

The survey reflects the early dominance of financial services developments in blockchain with 46% identifying it as the leading sector currently and 41% in near term (3-5 years). Sectors identified by respondents with emerging potential within 3-5 years include energy and utilities (14%), healthcare (14%) and industrial manufacturing (12%).

“What business executives tell us is that no-one wants to be left behind by Blockchain, even if at this early stage of its development, concerns on trust and regulation remain,” comments Steve Davies, Blockchain Leader, PwC.

“A well designed blockchain doesn’t just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes. The business case can be compelling, if organisations understand what their end game is in using the technology, and match that to their design.”

Blockchain’s biggest benefits will be developed and delivered through shared industry wide platforms. But the study notes that this won’t happen without industry specific companies including competitors agreeing common standards and operating together.

Despite the technology’s potential, respondents identified trust as one of the biggest blockers to blockchain’s adoption. 45% identified it as blocker to blockchain adoption: 48% believe its regulatory uncertainty. Concern about trust amongst users is highest in Singapore (37%); UAE (34%) and Hong Kong (35%), reflecting in part the dominance of financial services in blockchain development. Concern about regulatory uncertainty was highest in Germany (38%); Australia (37%) and the UK (32%).

“Blockchain by its very definition should engender trust. But in reality, companies confront trust issue at nearly every turn. Failing to state a clear business case from the outset leads to projects stalling,” continues Steve Davies, PwC. “Businesses needs to put more effort into building into their design how they can tackle trust and regulatory concerns.”

“Creating and implementing blockchain to realise its potential is not an IT project. It’s a transformation of business models, roles, and processes. It needs a clear business case, an ecosystem to support it; with rules, standards and flexibility to deal with regulatory change built in.”

One in three of those respondents who reported little or no involvement with blockchain cited the reason for a lack of progress as cost (31%), uncertainty over where to start (24%) and governance issues (14%).

The study identifies four key areas for focus in the development of internal or industry wide blockchain platforms:

  1. Make the business case: organisations can start small, but need to set out clearly the purpose of the initiative so other participants can identify and align around it.
  2. Build an ecosystem: Participants should come together from different companies in an industry to work on a common set of rules to govern blockchains. Of the 15% of survey respondents who already have live applications, 88% were either leaders or active members of a blockchain consortium.
  3. Design deliberately around what users can see and do: Partners need rules and standards for access permissions. Involving risk professionals including legal, compliance, cybersecurity from the start will ensure blockchain frameworks that regulators and users can trust.
  4. Navigate regulatory uncertainty: The study warns that blockchain developers should watch but not wait as regulatory requirements will evolve over the coming years. It’s vital to engage with regulators to help shape how the environment evolves.

Download the study here: pwc.com/blockchainsurvey

Latest News

Hershey Employees and Retirees in the US and Canada Pledged More Than $900,000 in 2021 To Support Nonprofit Organizations

Originally published on LinkedIn. The Hershey Company ranked No. 10 on The DiversityInc Top 50 Companies for Diversity list in 2021.    Each year, our Season of Giving campaign encourages Hershey employees to make a difference by supporting nonprofit organizations which they find to be meaningful. Employees and retirees in…

Creating Windows and Mirrors: Hershey’s Amber Murayi on Diversity, Equity and Inclusion at the ‘World’s Top Female-Friendly Company’

Amber Murayi is the Hershey Company’s Senior Director of Enterprise Strategy & Business Model Innovation & Co-lead of the Women’s Business Resource Group. The Hershey Company ranked No. 10 on The DiversityInc Top 50 Companies for Diversity list in 2021.    My position affords me a unique view of DEI…

Author Alice Sebold

Author Alice Sebold Apologizes for Her Role in the Wrongful Conviction of the Black Man Charged With Raping Her

In her acclaimed 1999 memoir Lucky, author Alice Sebold told the story of being raped in 1981 when she was a student at Syracuse University. The case resulted in a Black man named Anthony Broadwater being convicted and sent to prison. Sadly, Broadwater was innocent and wrongfully convicted — and…

Black renters

New Study Reveals Landlords Consistently Discriminate Against Potential Renters With Black or Hispanic ‘Sounding’ Names

In the largest study of its kind ever conducted, researchers with the National Bureau of Economic Research have uncovered what many people of color already know when hunting for an apartment or home: most landlords consistently discriminate or harbor bias against non-white individuals looking to rent their property.  Bloomberg’s Kelsey…

book banning

American Library Association Documents 155 Attempts at Banning Books About POC or LGBTQ Issues in the Last 6 Months

In a depressing turn for anyone who thought society may have outgrown book burning or censorship of books over the last 100 years, it appears the hate-filled phenomenon is back on the rise, increasing with alarming frequency across the country. CNN’s Nicole Chavez has reported the American Library Association “has…