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Digital Evolution via Blockchain Technology - PwC’s Global Blockchain Survey 2018

Wed, 29 Aug 2018, 08:42 am UTC

Today we are living in a digital revolution, comparable with the one generated by the World Wide Web in the 1990s. But recently, JP Morgan CIO Lori Beer has foreseen "within next few years blockchain will replace the existing technology, today it only co-exists with the current one".

Well, in this write-up, we have listed out some snippets in PwC’s 2018 survey of 600 executives from 15 territories:

Since the blockchain is a distributed ledger platform that is decentralised and immutable, it is intended to be a permanent, tamper-proof record outside the control of a central governing authority and this is what makes it a very attractive and useful technology.

However, the industry confronts quite a few encounters, including trust amongst users and interoperability between blockchain networks.

84% of respondents have reported active involvement with blockchain: This clearly indicates that innovative technologies are disrupting many established industries around the world, changing the rules by making processes transparent and reducing costs significantly.

This ranges from financial services with Bankor or Omisego to science dissemination with Orvium for instance. Alongside this, the technology is already helping people around the world (i.e. Venezuela or Iran) living very difficult lives because of the financial situation in their countries.

62% report having a blockchain project underway: Failing to start with a clear business case can lead to a stalled project. For that 34% of respondents who report having little to no involvement with blockchain, the top three reasons cited for lack of progress are cost (31%), uncertainty over where to start (24%) and governance issues (14%).

Global presence: The United States, Canada, Australia and China have been all seen as blockchain hubs. They are followed closely by other jurisdictions such as Japan, Korea, Malta, Gibraltar, and Lichtenstein. Japan’s Ministry of Economy recently announced a blockchain-based data sharing platform for the trade industry promoted by NEDO, the country’s largest public management organization. South Korea is driving promotion and expanding usage of blockchain in a multitude of ways, the government is sponsoring awareness programs, the Korea Internet & Security Agency (KISA) has promoted hackathons and, most importantly, blockchain has been targeted as a key industry of the country’s 2019 $4.4 billion domestic investment plan.

Go ahead projects: Malta recently approved a blockchain-friendly regulatory framework for DLTs, ICOs, crypto assets, etc. The Gibraltar Stock Exchange's blockchain platform, GBX, recently opened to public trading and also supports ICO projects. Finally, a Liechtenstein bank, Union Bank AG, is issuing its own security tokens and in-house cryptocurrency backed by fiat since the country announced supporting Blockchain with new regulation back in March.”

Projections: Gartner forecasts that blockchain will generate an annual business value of more than US $3 trillion by 2030. It’s possible to imagine that 10% to 20% of global economic infrastructure will be running on blockchain-based systems by that same year.

Historically, the company might be struggling with dozens of ERP systems and inconsistent data and processes. Instead of one central ledger for each subsidiary, a single distributed ledger can eliminate the need for reconciliation. Companies are exploring how they might use internal digital tokens to represent cash or other assets, with the aim of streamlining their movement between business units. Courtesy: Wachsman

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 72 levels (which is bullish), while hourly USD spot index was at 14 (neutral) while articulating (at 07:54 GMT). For more details on the index, please refer below weblink:

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