Ernst & Young is an esteemed name of the industry and their survey report reveals the current state of blockchain in Asia. The recent survey report reveals that Asian companies are still hesitant to adopt blockchain.
Although the nations across the Americas and Europe may be well-versed with cryptocurrencies and blockchain, the same cannot be said about Asia-Pacific companies.
In the recent survey conducted by Ernst & Young, it was revealed that more than sixty-five percent (65%) of Asia-Pacific companies are still confused about the applications of blockchain and therefore hesitant to incorporate the network in their administrative systems.
Over the last few years, blockchain technology has grown exponentially and companies initially researched the topic then decided on whether to utilize it and how. However, Asian companies were left out of the loop as they are still unaware of their uses and even on how to incorporate the system on their networks.
Blockchain is closely linked to cryptocurrencies which are utilized by retail investors as well as institutions and businesses. The majority of the trade volume is generated by businesses as people also use exchanges like BitThumb. Blockchain is also said to be able to revolutionize other industry sectors like healthcare, supply chain, banking, and governance, etc.
However, Asian companies are still confused about the reliability of cryptocurrencies and therefore having problems while trying to incorporate it.
Out of the five hundred and seventy-six (576) respondents, sixty-eight percent (68%) declared that they have not adopted the technology. It is to be noted that China is not to be taken into consideration with this study.
China has spent more than three hundred million dollars ($300M) on blockchain although that is still lower than the U.S and Europe’s expenditures of over one billion dollars ($1.1B) and six hundred and seventy-four million dollars ($674M). The globe has spent around $2.8 billion in the sector altogether.
The biggest issue while incorporating blockchain is that the system has no central authority controlling it. It is still unclear what the benefits of the blockchain may be, and despite the fact that numerous companies are trying to apply it in any sector, all the project are still in a proof-of-concept stage