Majority of Asia Pacific firms unprepared for blockchain adoption: EY survey

By Staff Writer

While blockchain is increasingly going mainstream, Asian companies, not surprisingly, are still not ready to adopt the technology, a survey has found.

Nearly 68 percent of the participants of a survey on blockchain conducted by consultancy EY showed that there is a lack of understanding and education at the level of board and higher executives at Asia Pacific firms.

More than 60 percent of the participants believed there is a need for better understanding of the possibilities of blockchain, its risks and benefits before applying blockchain in their organizations.

The most common myth in Asia-Pacific is that “blockchain is a trust-less system and does not require a central authority” based on 46 percent of those surveyed. The second common myth is that “blockchain is not as unhackable as they say it is, according to 43 percent of polling result.

Jimmy Ong, partner, EY’s Asia-Pacific blockchain leader, said that “immutable” and “unhackable” have been overused in the context of blockchain.

“They are not totally wrong, but they give people a wrong impression,” he said, adding that “while the database may be ‘immutable’, the applications on top of it may not be.”

Ong believes “blockchains will do for networks of companies and enterprise ecosystems, what an Enterprise Resource Planning (ERP) does for a single company.”

EY and Microsoft launched a blockchain solution last year for content rights and royalties management for the entertainment industry, including gaming.

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