According to a survey conducted by Ernst & Young, nearly 70 percent of companies located in the Asia- Pacific region remain slow to adopt blockchain technology as its benefits are still misunderstood. The poll covered 576 respondents in the region as part of a blockchain-focused webcast that the firm conducted last month. As reported by South China Morning Post, July 17, 2019.
Over the past few years, there has been a great deal of excitement around blockchain where most of the businesses are trying to figure out what it is, and how to leverage it in their operational procedures. In particular, at the end of 2018, the Asia-Pacific region had seen a significant growth thanks to the increase in the number of investments in blockchain-based companies. According to a report by Global Market Inside, by 2024, the market is estimated to be worth over $16 billion.
Blockchain is often associated with cryptocurrencies and are spreading very fast between retail investors as well as businesses. In fact, most of the trading volume generated by cryptocurrencies comes from this region as people can count on very popular exchanges such as BitThumb or Korbit. Furthermore, it is largely believed that blockchain technology can impact any sector including real estate, banking, healthcare, governance, and so on.
However, all this enthusiasm seems all hat and no cattle.
According to a recent survey by Ernst & Young, one of the largest professional services firms in the world, most companies in the Asia-Pacific region remain slow to adopt blockchain technology as they do not understand how reliable it is and which benefits it can bring to business.