Blockchain puzzles most regional firms: EY poll, Economy News & Top Stories

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Most regional firms do not know much about blockchain technology or how it could apply to their businesses, a new poll has found.

It noted this lack of understanding – about 66 per cent of those surveyed admitted to being in the dark – is the greatest barrier for executives when it comes to adopting solutions based on the technology.

Moreover, 66 per cent believe they need a better understanding of the possibilities, risks and benefits of blockchain before applying it to their organisations.

Consultancy Ernst & Young (EY) conducted the poll during a live blockchain webcast with 576 people in the Asia-Pacific, including 13.7 per cent from Singapore.

“Trust is a key factor and current barrier for companies in the Asia-Pacific…” said Mr Adam Gerrard, an EY partner.

The poll found 46 per cent said the most commonly heard myth about blockchain is that it is a “trust-less” system and “does not require a central authority”.

“Trust-less” refers to “not requiring trust” in this context, which is used as a term to describe the distributed nature of public blockchains, Mr Gerrard said.

This is different from private blockchains, which usually have a central authority controlling the code and protocols needed. So the term “trust-less” may not be a myth, but rather misunderstood, he added.

The next most common myth about blockchain is that it is not as “unhackable” as believed.