Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • August 2018
08

Vast majority of business executives planning blockchain projects

Open-access content 29th August 2018

Four in five business executives have at least started planning blockchain initiatives for their companies, with a quarter of these already having live or pilot projects underway.

2


That is according to the findings of a global survey by PricewaterhouseCoopers (PwC), which show that the financial services sector is seen as the clear leader for blockchain developments.

However, despite the technology still being in its infancy, regulatory uncertainty and trust are perceived as the two greatest barriers to wider adoption across the world.

PwC blockchain leader, Steve Davies, said: "Blockchain by its very definition should engender trust, but in reality, companies confront trust issues at nearly every turn.

"Businesses tell us that they don't want to be left behind by blockchain, even if at this early stage of its development - concerns on trust and regulation remain." 

Blockchain is a digital ledger that underpins cryptocurrencies like Bitcoin, detailing transactions in a way that is completely decentralised, transparent, anonymous and quick.

The latest research involved surveying 600 executives in 15 countries, finding that the US is seen as the most advanced country for developing the technology, followed by China.

However, the opposite is expected to be true within three to five years, with China set to overtake the US as the centre of influence and activity during that time.

PwC said companies should work together to develop a "common set of rules" for the technology after finding that, of the 15% with live projects underway, 88% are members of a blockchain consortium.

The firm also said businesses should engage with regulators to help shape how rules evolve, and that all risk professionals be involved in developing standards from the start.

"Creating and implementing blockchain to maximise its potential is not an IT project, it's a transformation of business models, roles, and processes," Davies continued.

"It needs a clear business case and an ecosystem to support it with rules, standards and flexibility to deal with regulatory change built in." 


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our August 2018 issue of The Actuary.
Click here to view this issue
Filed in:
08
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Actuarial Analyst - Lloyd's Pricing

London (Central)
£40000 - £60000 per annum + benefits
Reference
119072

Move from Reserving/Capital to Lloyd's Pricing? Get in touch...

London (Central)
£40000 - £55000 per annum + benefits
Reference
119071

Senior Validation Actuary - Lloyd's

London (Central)
£100000 - £140000 per annum + benefits
Reference
119070
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200