Tata Communications a major telecoms company in India published a survey on December 12th, 2018, that examines the impact of the blockchain on the world, and the barriers it still faces. Amongst their various inferences, it was also discovered that the technology has a 44% adoption rate amongst various jurisdictions and industries.
The Cycle of Progress
This particular section of their survey focussed on costs pertaining to blockchain and how it affects the adoption of the technology. Different sectors of the world have different views for blockchain implementation, for instance, Europe and North America seems to be “more optimistic” about the edge the technology can provide them. The study notes:
“The perceived high cost of innovation, lack of skills and the threat of cyber-attacks are proving major barriers for digital transformation globally. Regardless of where their business is on its digital transformation journey, decision makers are firmly focused on the positive impact of technology.”
Another major concern is the skill gap, currently, the world is in dire need of developers that study, understand and evolve three major emerging technologies – blockchain, artificial intelligence, and the Internet of Things. The report notes that while there is a marginal gap between required and available workforce, the situations are constantly improving themselves.
The Chief Digital Officer of Tata Communications, C. R. Srinivasan, said:
“’The Cycle of Progress’ sounds a warning call for businesses, with a clear ‘perception versus reality’ gap emerging between various levels in organisations, as innovation gathers momentum.” He also said, “This disparity highlights that directors and business unit heads must get better at informing the CEO of any challenges they are facing when rolling out new technologies such as IoT and AI. CEOs should ask their teams more probing questions and not get carried away by the digital transformation hype. This reality check will help businesses make the most of the latest technology innovations to deliver new customer experiences and reimagine how they operate.”
As mentioned above, the report suggests blockchain technology has minced significant traction with over 44% of organizations already in the process of adopting it. While India is under debate about legalizing and regulating cryptocurrencies, almost all the major industries have had made an attempt to dip their toes into the ball game of blockchain technology. For instance, Mahindra Tech employed Blockchain Technology to streamline its Grapes Export Business and another giant Reliance Industries acquired a 5.56% stake in a UK Based Blockchain Startup.