PwC Report: Blockchain Technology to Reach $3 Trillion by 2030

PwC, a "Big Four" auditing firm, recently published research that found 84 percent of companies have either a "Live" blockchain project or experiment underway.

The company surveyed over 600 executives from 15 countries-including the U.S., India, China, Africa and Sweden-with only 14 percent of respondents having "No involvement in blockchain technology."

The study also found that 30 percent of respondents believe China is set to dominate blockchain development over the next five years, with only 18 percent backing the U.S. Meanwhile, four out of five executives confirmed blockchain projects were underway at their organizations, with 15 percent of respondents having "Live" networks up and running.

Thirty-two percent of the firms are still developing their blockchain products, while 10 percent are running pilot models and 7 percent have "Paused" research and development.

PwC cited a Gartner report forecasting a $3 trillion market value of blockchain business by 2030, with the survey recognizing ICOs and asset tokenization as a significant feature of the technology's future.

A vast majority of the respondents cited regulatory uncertainty and a lack of trust as the "Biggest barriers" to mainstream technology adoption, with 45 percent terming it the most significant hurdle to adoption.

Davies added that blockchain technology is "Trustless" in nature, but companies "Confront trust at nearly every turn."

Davies noted blockchain technology presents a considerable ecosystem for companies and is unlike an "IT project," meaning it involves put down rules, robust regulations, globally-accepted standards and perennial flexibility toward regulatory decisions.

"A well-designed blockchain doesn't just cut out intermediaries, it reduces costs and increases speed, reach, transparency and traceability for many business processes. The benefits can be compelling if organizations understand what their endgame is in using the technology, and match that to their design."

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