PwC experts: Blockchain financing reached $1.4 billion in 2016

Baozou Comment : Blockchain technology involves a wide range of fields. Although it has great potential, its impact on specific industries cannot be fully determined. It is impossible to give it a simple qualitative description at present. After all, people compare this technology to the ubiquitous Internet technology, which is a rare opportunity in a century. The potential is obvious to all, so it is reasonable to worry about the unknown and be cautious. However, PwC has presented us with a bright prospect for the development of blockchain through actual investment data survey.

Translation: Annie_Xu

According to news reports, experts from PricewaterhouseCoopers (PwC) pointed out that global blockchain startups received a total of US$1.4 billion in investment in the first nine months of 2016.

Seamus Cushley, a senior executive at PwC who leads the Belfast Blockchain Lab and a 25-person R&D team, spoke at the firm’s recent Business Forum in Dublin, Ireland, noting that startups in the financial, healthcare, and supply chain management sectors are adopting blockchain technology, driving the development of blockchain applications.

Although the Industrial Credit Investment Bank of India (ICICI) and 90% of the large banks in North America and Europe are exploring blockchain technology, they have not been able to deploy blockchain applications on a large scale. However, this has not affected the enthusiasm of other fields, which is why there have been financing achievements in the past nine months.

Seamus Cushley

Medical records, land title registries, digital identities and even diamond sales are being moved to blockchains, Cushley said.

"But it has not yet been put into large-scale production practice because banks are still exploring how to deploy the technology and there is still no large-scale application."

It’s just that banks will definitely fully apply this technology in the future.

Banking and the blockchain revolution

Earlier this year, PricewaterhouseCoopers released a report calling blockchain a "once-in-a-century opportunity" for the financial sector.

Despite the Bank of England’s attempts to use blockchain for settlements, senior central bank officials say there won’t be a blockchain revolution anytime soon.

It’s just that blockchain is being widely explored in many fields.

No more fear of blockchain technology

Cushley said that as awareness of blockchain and its potential grows, people are no longer afraid of the unknown blockchain technology.

"The blockchain sector has received $1.4 billion in investment in the past nine months, with participation from many large companies."

All of these demonstrate the impact and potential of blockchain technology. Banks continue to remain cautious, but I believe it won’t be long before they accept blockchain technology.