PricewaterhouseCoopers (PwC) Blockchain Leader Praises Crypto as the Next Big Thing
PwC Head: Cryptos and Blockchain Are The Next Big Thing
The Blockchain Head of PricewaterhouseCoopers (PwC), Grainne Mcnamara, has spoken about the future of the blockchain technology and how the market crash has affected the industry this year. According to the head of blockchain, the technology is still raging but regulatory and trust issues are getting in the way of the development.
According to her, there is still demand for the products of her company in the world. Potential for the technology and for advisory services is there and it is likely to increase in the future, according to her.
During the interview, Mcnamara has talked about how PwC divides its sectors into two parts: distributed ledger technology and enterprise applications. While the first one is the “pure” blockchain tech, the second is the apps that entities use its properties for services.
According to Mcmanara, the phenomenon of token asset economy is still high and there is a future for them, specially when you go beyond the speculation and concentrate in everything that they can do for the user.
She believes that some aspects like the announcement of Bitcoin futures and several token issuers have resulted in a new spike in interest for tokens and the demand is certainly growing with time. The field is still in its initial stages, so there are plenty of issues like a low return on investment and scaling issues, but as soon as they are solved, the industry is bound to be great again.
PwC’s Research Appoints Trust Issues As Reason For Slowing Adoption
The head of blockchain has stated that PwC has made a recent research with the objective of discovering how the industries are adapting to this new technology. Her findings were that 84% of the participants were actively invested in the technology, while 45% believed that the lack of trust could postpone the adoption of the blockchain worldwide.
30% of the participants saw China as a rising leader in the blockchain industry and 28% cited interoperability as the main key for a blockchain to be successful.
The trust barrier, cited in the research, is especially relevant because there have been many regulatory crackdowns by governments that have made a lot of people lose money or projects to go under because of them. This has forced the industry to adapt and there is still too many gray areas and lack of regulatory frameworks for the whole industry to thrive.
If the governments, especially in the United States, decide to adopt the technology and create the needed frameworks, she is certain that the industry would soon grow.
Some trust issues are still concerned with the security of the blockchain technology. While the blockchain is one of the most secure technologies in the market, its decentralization still makes some people shiver.
Also, while blockchain is certainly a useful technology, many companies are truly struggling with ways to use this technology in a commercial manner that will help the companies. The technology may be good, but it is still tricky to create products with it as it is a technology that is simply too new.