Many sectors to benefit from blockchain tech: report

Updated 2018-05-10 09:39:02

Logistics, government and media industries are among the areas that are to benefit most from adapting blockchain technology, according to a joint survey by PwC and VeChain, a blockchain platform that focuses on supply chain management and smart contracts.

Retail, education and science are among the industries that are seeing the most impact from the technology, while logistics is viewed as the industry that most naturally fits with the utilizing of blockchain outside of finance.

The survey covered about 130 respondents in nearly 20 industries including IT and technology, the service industry, and manufacturing, which examines the application of blockchain in non-financial areas.

Respondents also pointed out that the formation of standardized policy to guide the further development of the technology is the most pressing challenge.

More than half of respondents believe blockchain will have a significant impact on the business community and as many as 88 percent pointed out "tamper-resistance" as a core feature of the technology.

"With people's increasing awareness and knowledge of blockchain, 'killer' applications are sure to emerge, and initially these are most likely to occur outside of the financial sector," said Sunny Lu, chief executive officer of VeChain.

Additionally, 86 percent of respondents with experience applying blockchain in their business operations are optimistic about the technology.

"An in-house research and development team can facilitate system maintenance and information security while reducing costs and at the same time, many enterprises prefer to keep the underlying architecture of the business model under their control," said PwC China Partner Chun Yin Cheung.

PwC Hong Kong and PwC Singapore hold a minority stake in VeChain.

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