Indian telecoms company Tata Communications has conducted research and identified key barriers to implementation of blockchain in the global business.
Part of a survey on emerging sectors, called as "The Cycle of Progress", Tata named the problems related to costs, security and privacy, "the key barriers for business decision-makers considering the introduction of new technologies".
The study also highlighted the increasing skills gap, which is one of the main problems in the implementation of new technologies — blockchain, artificial intelligence and the Internet of things. However, the report notes that "regardless of the location of the business in digital transformation, decision-makers focused on the positive impact of technology".
C.R. Srinivasan, Tata’s chief digital officer, said:
"Part of the "Cycle of progress" sounds like a warning signal for the business as between organizations at the different levels, there is a gap between perception and reality, due to the growth of innovation. This discrepancy emphasizes the need to communicate to management relevant information about any problems faced by the directors and business unit heads to deploy new technologies such as Artificial intelligence and Internet of things."
According to Tata, the blockchain positive attitude 44% of organizations that participated in the survey. The study was conducted against the background of unstable situation of the industry and the uncertain legal status of cryptocurrencies in India.
After this spring, the Central Bank of India banned banks from servicing industrial enterprises, several lawsuits were launched. According to recent media coverage, Indian lawmakers are more likely to give preference to a legal cryptocurrency ecosystem, rather than a direct ban.
Tata Communications is engaged in research of the blockchain, as well as the creation of guidelines and recommendations for companies wishing to introduce this technology into your business.
Earlier this year, experts predicted that by 2023 the use of the blockchain in the telecommunications industry will ensure a turnover of one billion dollars.