PwC and VeChain have released a Blockchain Survey Report for Application of Blockchain in China. Findings highlight logistics, government and medical industries as areas that stand to benefit most from implementing blockchain technology, but the most prevailing attitude is a need for standardization.

Blockchain Survey

The newly formed partnership between PwC and VeChain is already at work using data from a survey to improve the adoption of blockchain technology. It involved 130 questionnaires, and two focus group discussions engaging more than 40 respondents.

Respondents were from nearly 20 industries, involving more than 10 functional departments. While industry-specific concerns were present, there is common agreement among respondents that the greatest challenge at hand is standardizing policy to structuring continued development of the technology.

BaaS (Blockchain as a Service) is becoming more prevalent among big tech companies such as Amazon.

Data

The most glaring statistic is security – 85.7% of respondents cited “tamper-resistant” as a core feature of blockchain technology.

Knowledge is Power

48.4% of total respondents who have a “basic understanding” are optimistic.
84.2% of respondents who are “working in the industry” are optimistic.
85.7% of respondents “with experience of applying blockchain technology” are optimistic

Companies Already Using Blockchain

50% stated their use of the technology was for security traceability
20% distributed data storage, identity authentication, shared data & application, supply chain
53.3% set up in-house blockchain R&D teams
30% cooperating with blockchain start-up
13.3% cooperating with well-known company
3.3% investing in or acquiring external blockchain start-up

Bullish Sentiment

One of the partners in PwC commented on the strong push their company is making to research, understand and implement blockchain technology. This push is being seen in other surveys as well. Cryptocurrencies are making strides toward mainstream awareness through TV as well.

“A great many more enterprises will begin using blockchain when the technology is supported by comprehensive policy. When policy is established, enterprises that have already applied blockchain will have made substantial headway, and will stand to reap the benefits.”