China to Overtake US as Leading Blockchain Developer: PwC Survey

Manuel Martin, CEO and co-founder of Orvium, points to Japan, South Korea, Malta, Gibraltar, and Liechtenstein as rising blockchain hubs. Japan's government announced a blockchain data platform for trade. South Korea runs awareness campaigns and hackathons to expand blockchain adoption. Malta finalized its regulatory framework for blockchain technology and crypto assets in June. Liechtenstein is drafting a Blockchain Act to clarify how existing business models fit into the regulatory landscape.

The survey found executives see blockchain's value despite uncertainty over rules. They cite potential for cost cuts, faster transactions, and better transparency and tracking. Gartner forecasts blockchain will generate more than $3 trillion in annual business value by 2030.

Steve Davies leads blockchain efforts at PwC. He said: "What business executives tell us is that no-one wants to be left behind by blockchain, even if at this early stage of its development, concerns on trust and regulation remain. A well-designed blockchain doesn't just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes. The business case can be compelling, if organizations understand what their end game is in using the technology, and match that to their design."

Eighty-four percent of respondents said their organizations involve blockchain in some way. Only a quarter of those have fully working implementations or pilot projects active. Amazon, Microsoft, and Facebook all explore blockchain use cases. Facebook moved in May to start a new blockchain team, with former Coinbase board member David Marcus leading it.

Shiv Malik leads strategy and communications at Streamr, a data platform built on blockchain. He pushed back against the hype. "Companies either overestimate or underestimate what blockchain will change within their sector," Malik said. "Years of hype and money poured into blockchain, but the actual results haven't created world-changing applications – certainly not outside of fintech."