On 9th May, Vechain and PwC together revealed the Chinese Market Survey Report 2018 for the Non-financial application of Blockchain in Hong Kong. According to the survey, the government sector, the logistics department, and the medical industry are going to benefit the most from the use of blockchain technology.
Logistics is the industry which is ranked highest in the scope of innovative applications of the blockchain technology. Logistics has been seen as the industry which is using blockchain technology in an essential way to create value out of it.
Government is viewed as the next most suitable sector for utilizing the benefits of the blockchain technology. Blockchain technology can be used as a clear means for credit enhancement. The demonstrating use of the blockchain application is a great way for the government to help the adoption of blockchain technology among the common people.
The medical industry comes right after the government sector because of their rigorous need for verifying the authenticity of information. Blockchain application can be used in the verification of personal and medical records and information of the drugs which are being prescribed.
The most challenging part of adopting blockchain is the formation of a standardized policy for structuring the continued development of the blockchain technology in these sectors. There was common agreement among respondents, 85.7 % of them have stated that a core feature of blockchain technology is that the information is tamper-resistant. The business community would have an impact on the use of blockchain technology in transactions and tracking.
The survey says that around 48.4% of respondents have got just a basic understanding of blockchain technology while holding a positive attitude towards it. Around 84.2% of the respondents, working in the industry have an optimistic approach towards it. Additionally, 85.7% of respondents with experience of applying blockchain technology are also optimistic about the blockchain technology.
The respondents from the traditional industries have also got an optimistic approach about the significant impact that blockchain can have in the retail, science, and education sector. The manufacturing industry, service industry, IT, and media sector are also testing the use and impact of blockchain technology.
PwC China tweeted:
“Traditional industries are more optimistic about the potential of #blockchain than new technology companies. That and more findings from the #PwC #Vechain”
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