China has brighter blockchain prospects than India, reveals PwC survey
In a study by auditor and consultant PricewaterhouseCoopers (PwC), just 6% of respondents said India will emerge as a blockchain leader within three to five years -- versus 30% rooting for China.
The study, which surveyed 600 executives in 15 countries and territories, said that almost a third of the respondents (32%) mention blockchain projects to be in the development stage and a fifth (20%) speak of research mode.
Currently, the US (29%), China (18%) and Australia (7%) are perceived as the most advanced in blockchain projects.
Within three to five years, 30% of respondents believe, China will overtake the US.
“It is possible for India to be in the leadership ranks of blockchain in the next five years, with the right amount of industry and government participation. For this, industry leaders will have to define a proper business case for implementation after weighing in the investments made and needed; build an inclusive ecosystem for efficiencies and the rules of engagement; and plan for regulatory approaches proactively,” said Sreeram Ananthasayanam, partner, PwC India.
Steve Davies, global blockchain leader, PwC, said, “A well-designed blockchain doesn’t just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes.”
The survey reflects the early dominance of financial services in blockchain, with 46% of respondents identifying it as the leading sector currently and 41% expecting it to be the top sector in three to five years.
Sectors that can realise their blockchain potential within three to five years include energy and utilities (14%), healthcare (14%) and industrial manufacturing (12%).