Legislative uncertainty regarding cryptocurrency and blockchain technologies and a lack of trust are the main obstacles to the spread of blockchain in the business environment, the study says.

According to the study conducted by the consulting giant PricewaterhouseCoopers (PwC), the most popular reasons, the entrepreneurs worldwide appeal to when explaining their concerns regarding blockchain, are regulatory uncertainty, lack of trust and ability to bring network together.

The research from PwC entitled 'Blockchain is here. What’s your next move?' surveyed 600 executives in 15 territories, including Australia, China, Denmark, Germany, Germany, Hong Kong, India, Italy, Japan, Netherlands, Singapore, Sweden, United Arab Emirates, United Kingdom and the United States.

Looking at leading markets for blockchain developments around the world, the US (29%) and China (18%) are perceived as the most advanced at the moment. However, within three to five years, respondents believe the centre of influence and activity will shift to China (30%), overtaking the US (18%), the research reads.

Entrepreneurs have demonstrated their unwillingness to be left behind by blockchain, but they are concerned about lack of trust and regulation that remain at this early stage in the development of technology.

“Creating and implementing blockchain to maximise its potential is not an IT project. It’s a transformation of business models, roles, and processes. It needs a clear business case and an ecosystem to support it; with rules, standards and flexibility to deal with regulatory change built in,” Steve Davies, blockchain leader at PwC, commented.

According to the survey, 84% of surveyed executives report having blockchain initiatives underway, but only 25% told that they launched fully live blockchain implementations or pilot projects running.