Companies don’t want to be left off of the blockchain bandwagon.
In a new report published by PwC on Monday, 84 percent of executives surveyed said their companies are “actively involved” with the technology.
“Everyone is talking about blockchain, and no one wants to be left behind,” according to PwC’s 2018 Global Blockchain Survey, which included 600 executives from 15 territories.
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.
Among the PwC respondents, who were business executives with technology responsibilities, 45 percent said “trust” could be the key roadblock in blockchain’s widespread adoption.
“In reality, companies confront trust issues at nearly every turn,” PwC said. “As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security and scalability.”
While high profile investors like Warren Buffett and Jamie Dimon have been publicly wary of investing in cryptocurrency, they’re far more bullish on its underlying tech.
Companies including Amazon, Microsoft and Facebook are exploring use cases for the technology. Facebook announced in May it is going through a reorganization that will include a new blockchain effort. IBM, Accenture, Deloitte, JP Morgan, and HSBC are among the other corporate names with similar initiatives.
Still, respondents mentioned regulatory uncertainty, “ability to bring the network together,” compliance concerns, and intellectual property concerns as key obstacles for blockchain adoption.
Blockchain’s potential has been compared to the internet but so has its hype. In some well-publicized cases, even adding the word “blockchain” to a public company’s name can send its shares skyrocketing in a single day.
Despite the growing interest, other research from Cowen estimated it will take 5.9 years for blockchain to gain widespread adoption.