PayThink Blockchain's on the rise, but trust and laws are still lacking
As blockchain becomes more mainstream in payments and financial services, trust and regulatory guidance need to improve.
It would be hard to deny that we are in a bear market right now for cryptocurrencies after the wild rise experienced in 2017 — but this does not change the reality.
Blockchain is a new and innovative technology that allows us to optimize and create new systems for almost every industry.
No one wants to be left behind, become less competitive, or fail to see the huge shift taking place in their industry, so it’s not surprising to see that 84% of PwC survey respondents say their organizations are already utilizing blockchain technology either at a research, development, pilot, or live stage.
Challenges such as lack of trust and regulatory uncertainty can be seen to hinder the progression of the blockchain industry, but this is to be expected. For any emerging technology, skepticism is natural and blockchain will need to prove itself before it is widely adopted. The idea of Airbnb and Uber was inconceivable 20 years ago, and now they are a part of our everyday life, the same way blockchain will be.
While the survey recognizes the U.S. as leaders in the blockchain space, I don’t necessarily believe any country is paving the way right now. Asia seems to be very open with South Korea leading the way, European hotspots such as Switzerland are building interesting technologies, and China is home to a lot of engineers working on blockchain.
I don’t think the blockchain revolution will come from any one country in particular. We are now living in a global world, and blockchain could be the first internet-powered global revolution.