Blockchain has arrived in companies. This is the result of a recent global study by management consultants Pricewaterhouse Cooper. According to the study, 84% of respondents stated that they are actively working with blockchain technology. In addition, 15 percent of the companies surveyed have already implemented projects.

A total of 600 specialists and managers from 15 countries took part in the cross-industry survey on the development status and potential of blockchain technology in companies. According to the study, 20 percent of companies are researching the topic of blockchain in depth, 32 percent stated that they are already working on their own developments and a further 10 percent have already launched pilot projects.

Potential recognized long ago

The survey makes it clear that companies have discovered the potential of blockchain for themselves and expect to benefit from the developments in the near future. According to the survey, the decentralized register ("distributed ledger") and digital tokens used in blockchain can revolutionize trade and business processes. Many core processes can also be mapped and accelerated via a blockchain.

According to the management consultancy, blockchain is already leaving its mark on the corporate world: from January to May of this year, blockchain platforms raised 13.7 billion dollars in venture capital through initial coin offerings (ICOs). Major ERP software platforms have also started to integrate blockchains into their systems. In conjunction with blockchain technology, ERP systems can help to optimize internal processes and share and use data securely.

USA leads the way, China is catching up

According to the PwC survey, the USA is currently the leader in the development of blockchain applications with 29%, followed by China with 18% and Australia (7%). However, 30 percent of respondents believe that China will overtake America in the next three to five years.

46% of study participants still see the greatest added value for the financial sector. In the opinion of 41%, this will not change in the next three to five years. In addition to banks, insurers are also a part of the financial sector. A further 14% of the managers and specialists surveyed believe that blockchain will also change the industrial production, energy and healthcare sectors in the medium term.

Still a few hurdles to overcome

48% of respondents see regulatory uncertainty as the biggest obstacle to blockchain implementation, while 45% cite a lack of trust in the technology. It comes as no surprise that German specialists and managers in particular see regulation as an obstacle (38%), but they are not alone in this: 37% of study participants from Australia and 32% of British participants also see this as an obstacle.

The study participants identified a total of four key areas of action for the development and successful, company-wide use of the technology. These include the definition of a targeted strategic business case, the establishment of an industry-wide ecosystem that also enables cooperation with competitors, the definition of rules and standards for use and the continuous further development of the system in order to comply with new regulations.