PwC Survey: India could Take Blockchain Lead by 2023

A partner at global auditing consultancy firm PricewaterhouseCoopers (PwC)  said India could emerge as a worldwide leader in blockchain technology adoption within the next five years with the right amount of participation from both the private and public sectors, The Economic Times reported.

Sreeram Ananthasayanam, a partner at PwC India, noted there are several issues to address to ensure the success of blockchain adoption, such as the ability of the network and the proponents to raise trust among themselves on the value of assets they deal with.

He said, "The approach for India is no different - and it is indeed 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.”

He advised industry leaders to identify the correct business case for blockchain implementation after evaluating the investment made and needed, as well as create an inclusive ecosystem that promotes the rules of engagement, efficiencies and plan for a proactive regulatory approach.

Quarter of executives have blockchain pilot projects

The survey interviewed at least 600 executives in 15 countries and territories across the globe and asked them about their views about the blockchain potentials as well as their development plan on distributed ledger technology (DLT).

The survey showed 25% of the executives disclosed their blockchain implementation pilot is in progress (10%), with 15% having a fully live platform. Nearly a third or 32% said they have projects in development and 20% still in research mode.

As expected, developed countries have advanced development in blockchain technology, with the US (29%), China (18%), and Australia (7%).

PwC’s global blockchain leader Steve Davies added, "A well – designed blockchain doesn't just cut out intermediaries, it reduces costs, increases speed, reach, transparency and traceability for many business processes.”

Davis added the business case could be compelling, as he advised organizations to understand what their endgame is in adopting the technology and complement that to their design.

On Monday it was reported the Reserve Bank of India had created a new blockchain and artificial intelligence unit to strengthen its knowledge on emerging financial technology. The new department is also seen make draft rules for blockchain and AI moving forward.