Two-thirds of companies in the Asia-Pacific region do not understand blockchain

According to a new survey by consulting firm Ernst & Young, more than two-thirds of enterprises in the Asia-Pacific region do not have a clear understanding of the blockchain technology and how to apply it.

Ernst & Young (EY), one of the world’s largest audit firms and part of the Big Four, conducted a survey during the blockchain internet conference, which was attended by 576 representatives of companies from the Asia-Pacific region.

According to EY, 68% of respondents admitted that they lack the knowledge and sufficient training to implement the blockchain. The researchers note that this lack of knowledge represents the biggest barrier for boards of directors and managers when implementing blockchain-based solutions.

In addition, 66% of respondents expressed confidence that they would need a clearer understanding of the possibilities, risks and benefits of the blockchain, before they can apply it in their organizations. Adam Gerrard, partner at EY LLP and head of the blockchain for EY Asia-Pacific Assurance, said:

“Trust is a key factor and a current barrier for companies in the Asia-Pacific region. Understanding and knowledge is essential for building trust and gaining confidence in these aspects of the business. ”

46% of respondents noted the unreliable nature of blockchain systems and the fact that they do not need a central authority, as the so-called myth that they most often encounter with regard to technology. The second most common myth, according to a survey, is the unchangeable nature of the blockchain architecture, which was misunderstood by most enterprises.

Read This Now: Concert tickets on blockchain, about Ticketmaster and smart contracts

Note that not all Asian countries are lost when introducing the blockchain. According to the report of the audit and consulting company Deloitte, 73% of Chinese enterprises consider blockchains to be one of the five most important strategic directions of development.