In a survey published on 12 December, Indian telecom giant Tata Communications identified the key barriers to the blockchain adoption for companies worldwide.
Part of a survey on emerging sectors – dubbed ‘The Progress Cycle’–Tata’s report noted concerns about costs, security and privacy as the ‘key barriers to the adoption of new technologies by business decision makers.’
The survey also highlighted a growing skills gap as one of the main challenges in the adoption of new technologies, including blockchain, artificial intelligence (AI) and the IoT.
The report also noted, however, that “[r]egardless of where their business is on its digital transformation journey, decision makers are firmly focused on the positive impact of technology.”
Tata’s chief digital officer C.R. Srinivasan said, “The Cycle of Progress sounds a warning call for businesses, with a clear ‘perception versus reality’ gap emerging between different levels in organisations, as innovation gathers momentum. 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.”
The company added that Blockchain is adopted by 44% of the organizations that responded to the survey. The comments come in the midst of volatile times for the industry in India, in particular with regard to the legal status of cryptocurrency. After the central bank initiated a ban on banks serving companies in the industry this spring, a legal challenge remains.
In line with the emerging regulatory environment elsewhere, Indian legislators may ultimately prefer a highly regulated but legal cryptocurrency ecosystem over an outright ban, according to sources this week. Tata has carried out larger – scale blockchain research, also creating a dedicated white paper with advice for companies seeking to integrate technology. A separate forecast earlier this year, which has meanwhile been claimed in telecoms alone, will become an industry worth $1 billion by 2023.
