Top barrier to blockchain adoption? Lack of trust, PwC finds

Blockchain proponents say the technology's decentralized nature is one of its biggest strengths — but lack of trust among users is posing a hurdle for its adoption in healthcare, according to a PwC report.

In recent years, industry and government stakeholders have supported efforts to use blockchain, a permanent ledger of online transactions or exchanges, to streamline healthcare operations. Unlike a traditional database that is centrally located and maintained by one party, a blockchain record is shared among a network of users.

To assess the largest hurdles for blockchain adoption in healthcare, PwC drew insights from its global blockchain survey, which polled 600 business executives worldwide from April to May on their attitudes toward the technology. The poll included respondents from 74 healthcare companies, including providers, payers and pharmaceutical companies.

Here are the five challenges respondents from healthcare companies most frequently cited as barriers to blockchain adoption in the next three to five years:

1. Lack of trust amongst potential users: 47 percent

2. Regulatory uncertainty: 39 percent

3. Ability to bring the network together: 37 percent

4. Blockchain interoperability: 36 percent

5. Inability to scale: 33 percent

To download PwC's report, click here.

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