Survey rewind! In June 2021, the B-hub for Europe initiative launched an online survey with startups to better understand the current adoption landscape for the blockchain technology and the main obstacles and barriers hindering its full implementation.
Some main findings emerged:
- For 60% of respondent startups finding adopters and projects complexity are the biggest challenges for deploying blockchain solutions addressing needs in the industry and service sector.• 40% of startups stated that attracting skilled developers appears as a major constraint to develop and manage complex full functioning solutions.
- Strong business cases and access to financial resources to develop pilot cases in real environments are considered, by 45% and 31% of respondents respectively, the key assets for a successful go-to-market strategy.
- Almost 50% of startups believe that a major obstacle for adoption by potential users is the difficulty to clearly assess the benefits of the technology and how it can really impact business models and allow for more efficient business processes.
- An uncertain regulatory environment, still missing a clear legal framework for smart contracts and data protection, was cited in 50% of responses, as a major constraint hampering the creation of a safe and compliant scenario for those organisations and communities that can benefit from technology adoption.
- Almost 50% of startups involved int eh survey, declared that the definition of a clear and uniform set of rules at EU level, as well as the issue of guidelines for the interpretation of the rules, will be highly beneficial to boost blockchain-based technology solutions deployment and uptake.
- In a context where the regulatory framework is still uncertain and lacking, the survey shows that it is extremely important to take further steps ahead and allow for a more favourable regulatory environment both at national and European level, ensuring cross-border harmonisation, developing sandboxes for testing and validation, and creating a clear legal framework for smart contracts, assets tokenisation and digital identity.