According to a recent EY Blockchain polling, blockchain has the potential to streamline and accelerate business processes and reduce risk.

However, companies in APAC admit that they are still not ready for adopting this technology, with 68 percent of participants expressing that lack of understanding and education on application being the greatest barrier for boards and executives.

Additionally, 66 percent of participants believe they require a better understanding of possibilities, risks and benefits before thinking about applying blockchain to their organization.

Two other points that stood out included:

  • The most commonly heard myth in Asia-Pacific is that “blockchain is a trust-less system and does not require a central authority” – based on a 46 percent polling result.
  • The second most commonly heard myth in Asia-Pacific is that “blockchain is not as ‘unhackable’ as they say it is” – based on a 43 percent polling result.

During the EY blockchain webcast, Adam Gerrard, Partner, Ernst & Young LLP and EY Asia-Pacific Assurance Blockchain Leader stressed the importance of trust in blockchain application, “Just like any software implementation, it is important to consider carefully the intended objectives of the blockchain solution, and then design processes and controls around blockchain.”

Alec Christie, Partner, Ernst & Young Australia and EY Asia-Pacific Digital Law Leader, added that, “It will be important to include all of the business in this education processes, risk, in-house counsel, CFO, CEO, internal audit etc., so no one in the company gets left behind.”