Blockchain Will Be Mainstream Before 2022

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.

Some highlights of the study:
  • 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.

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