Blockchain advocacy organization The Post Trade Distributed Ledger Group believes Blockchain will will become mainstream in the coming five years according to a new survey.
The survey polled senior executives within member organizations responsible for developing blockchain strategies.
- Although 48% of respondents believe blockchain will become mainstream in the coming 5 years, a staggering 29% expects this to happen within the next 1 to 2 years.
- The top 3 benefits of blockchain: first operational cost savings, second reduced settlement cycles and third transparency.
- 20% of respondents see the strategic importance of blockchain as “very high” in their own organization, 34% consider it “high.”
- 20% of respondents say that the strategic importance of blockchain within their own organisation was ‘very high’, with an additional 34% saying it was ‘high’.
- 78% said industry adoption remained the biggest obstacle to implementing blockchain in a wider post trade industry context. 56% cited regulation, 51% said concerns around confidentiality and 49% said a lack of standardization.
Jörn Tobias, managing director for State Street which is a party to the PTDL Group, said:
“The survey shows that blockchain could become mainstream in just a couple of years, with benefits such as better transparency, shorter settlement cycles and cost savings clearly identified by our members. The big barrier to growth, however, is seen as caution: fears over adoption and hesitation about embracing what remains cutting-edge technology.”
The consensus is thus that blockchain will be mainstream before 2022.