A survey conducted by global consultancy firm PwC says India could be in leadership ranks in the adoption of blockchain technology in the next five years, with the right amount of industry and government participation. The study surveyed 600 executives in 15 countries and territories on their development of blockchain and views on its potential.
The success of blockchain adoption will depend on the ability of the proponents /network to increase trust amongst themselves on the assets they transact on, said Sreeram Ananthasayanam, Partner, PwC India. According to Sreeram:
“The approach for India is no different – and it is indeed possible for India to be in the leadership ranks of blockchain in the next five years, with the right amount of industry and government participation.”
PwC revealed that out of all executives surveyed, a quarter mentioned a blockchain implementation pilot being in progress (percent) or fully live (15 percent). Almost a third (32 percent) have projects in development and a fifth (20 percent) are in research mode. Based on different countries, the US (29 percent), China (18 percent), Australia (7 percent) are perceived as the most advanced currently in developing blockchain projects.
According to Sreeram:
“To make India one of the world’s top blockchain countries, leaders will have to define a proper business case for implementation after weighing in the investments made and needed, build an inclusive ecosystem for efficiencies and the rules of engagement and plan for regulatory approaches proactively.”
Steve Davies, Global Blockchain Leader, PwC opined: “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 organizations understand what their endgame is in using the technology, and match that to their design, Davies added.
PwC further stated that survey respondents believe that within three to five years, China will have overtaken the US (30 percent), shifting the early center of influence and activity from the US and Europe.
The survey reflects the early dominance of financial services developments in blockchain with 46 percent identifying it as the leading sector currently and 41 percent in near-term (3-5 years). Sectors identified by respondents with emerging potential within 3-5 years include energy and utilities (14 percent), healthcare (14 percent) and industrial manufacturing (12 percent).