Venture capital has invested $1.4 billion in blockchain, PwC executives say

According to Seamus Cushley, CEO of PricewaterhouseCoopers (PwC), venture capital firms have invested $1.4 billion in blockchain so far. As head of PwC's Belfast Blockchain Lab, Cushley said the blockchain phenomenon is growing, with distributed ledger prototypes and startups creating a wide range of applications, covering finance, healthcare, clearing house settlement, supply chain monitoring and other fields.

Blockchain is gaining popularity

Cushley will discuss the evolution of blockchain, the benefits of the technology and its attendant risks at the PwC Business Forum in Dublin on November 8.

“Right now, organizations are looking at how to use blockchain ledgers to securely manage medical records, land registries, digital identities, diamond sales, and more,” Cushley said. “But when it comes to actual products, there are no large-scale applications yet, and banks are still investigating how to best use the technology.”

(Seamus Cushley)

$1.4 billion injected into blockchain projects

Cushley explained that in the future, banks will likely use blockchain. He said that currently people are conducting “fringe experiments” with blockchain technology, and that traditional institutions will move from fear to experimentation, while some incumbents are at the “later stage of the journey.”

“The challenge now is when these technologies will take effect,” the PwC executive said. “When blockchain hits the mainstream, people generally won’t know it exists, even if they are using it.”

It is reported that the most famous blockchain financing cases this year include Ripple Labs' $55 million Series B financing and Circle Finance's $60 million financing. Participating investors include Wanxiang Holdings, Distributed Capital, Boost VC, Digital Currency Group, Pantera Capital, Blockchain Capital, etc.

PwC’s own blockchain experiment

According to Cushley’s statement, PwC has been working on 10 proofs of concept. The London-based multinational financial management network is also focused on finding blockchain solutions. Cushley explained that the Bank of England has tested one such digital asset guarantee prototype.

PwC itself has also participated in investing in blockchain startups and has reached a strategic cooperation with Blockstream. As early as January, PwC's co-leader of financial technology said. "Our goal is to let clients understand the new world of Bitcoin and blockchain technology applications, make these technologies suitable for a variety of purposes, and use them to improve financial security, efficiency and compliance."