8 in 10 Singapore firms tap blockchain

2 in 10 are currently doing research.

8 in 10 Singapore executives noted that their organisations are going through blockchain initiatives, with 13% fully live, a study by PwC found.

Moreover, 13% reported that they are in progress of piloting a blockchain implementation whilst 23% are going through blockchain projects’ developments. Meanwhile, 23% of Singapore executives noted that they are currently doing research.

The PwC study surveyed 600 executives in 15 countries and territories, on their development of blockchain and views on its potential.

According to its findings, the US (29%), China (18%), Australia (7%) are perceived to be the most advanced in terms of developing blockchain projects. The trend, however, could change in three to five year’s time as 30% of respondents believe China will have overtaken the US.

The survey also reflects the early dominance of financial services developments in blockchain with 46% globally identifying the financial services as the leading sector currently whilst 41% think it will lead in near-term (3-5 years). Meanwhile, respondents believe that sectors with emerging potential within 3-5 years include energy and utilities (14%), healthcare (14%) and industrial manufacturing (12%).

In terms of blockers to blockchain adoption, 57% of Singapore identified the lack of trust amongst potential users as the top hindrance to blockchain adoption. In addition, half of Singapore executives also think that regulatory uncertainty is also a risk to blockchain adoption.

“Blockchain by its very definition should engender trust,” PwC Singapore digital business leader Greg Unsworth said. “But in reality, companies confront trust issues at nearly every turn.”

He believes that businesses need to put more effort into building into their design how they can tackle trust and regulatory concerns.