Blockchain is supposed to be unchangeable and safer than the usual way of storing data. But do you really trust it?
According to PricewaterhouseCoopers’ (PWC) 2018 blockchain report, 45 percent of those surveyed say what’s holding them back from using blockchain in their businesses is “lack of trust among users.” That’s second only to the 48 percent of those citing “regulatory uncertainty” as a reason.
PwC’s survey included 600 respondents from 15 territories. Respondents were business executives with technology responsibilities, 31 percent of whom work in organizations with revenue of $1 billion or more, MarketWatch reported.
“Blockchain, by its very definition, should engender trust,” the survey’s authors wrote. “But in reality, companies confront trust issues at nearly every turn. For one, users must build confidence in the technology itself.”
Lack of understanding about what blockchain is, as well as doubts about reliability, speed, security and the interoperability of multiple blockchains are the main reasons for the distrust, according to the survey.