Logistics, government and medical industries stand to benefit most from blockchain technology – PWC and Vechain study on Blockchain usage in China

https://www.pwchk.com/en/press-room/press-releases/pr-090518.html

Summary follows:

2018 Market Survey Report for (Non-financial) Application of Blockchain in China

The respondents are mainly VeChain’s and PwC’s clients. Respondents were from nearly 20 industries. The quantitative research data came from people who had a considerable level of knowledge and research on Blockchain technology:

  • Only 48.4% of respondents who have a “basic understanding” hold an optimistic attitude [basic/low understanding = low optimism = Buffett]
  • 84.2% of respondents who are “working in the industry” also have an optimistic attitude
  • Traditional industries more optimistic about the potential of blockchain than new tech industries. [Disruption of old-school S&P500 type companies that have to innovate to survive or get left behind]
  • Use Cases (Outside of Finance):
  1. Logistics is viewed as the industry most intrinsically predisposed to utilising blockchain outside of finance.
  2. Government follows as the second most – influencing aspects such as credit enhancement.
  3. Medical industries ranked third, due to rigorous demands for verifying authenticity of information
  • Of companies that have already implemented blockchain, 50% stated their use for security traceability. Another 20% of respondents included distributed data storage, identity authentication, shared data & application and supply chain management.
  • Of enterprises that have already implemented blockchain, 53.3% have set up in-house blockchain R&D teams. More popular than the three alternative approaches of cooperating with blockchain start-ups (30.0%), cooperating with well-known companies [IBM/alibaba] (13.3%) and investing in or acquiring external blockchain start-ups [PwC invested in Vechain] (3.3%)
  • China is home to the world’s second largest number of blockchain-based enterprises
  • Only 10% of respondents indicated ‘no budget’ to be the major reason why their companies had not yet adopted blockchain [capital cost is a very minor factor, enterprises that have not adopted rested on management not pursuing the tech yet]
  • A standardization policy is recognized by respondents from all fields as the most pressing challenge standing in the way of continued development of blockchain

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