Why Majority of Asia-Pacific Companies don’t Understand Blockchain?
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 E&Y poll covered 576 respondents of which 68 percent declared that they have not adopted blockchain technology as there is lack of understanding on what blockchain does, and more importantly, what it does not do. The only country not to be taken into consideration within this study would be China. For all other countries, development is slowing compared to that of the western world.
According to the study, China’s blockchain spending is expected to reach $319 million, a figure that is still well below U.S. and Europe expenditures which sit at $1,1 billion and $674 million respectively, for a worldwide total $2,9 billion approximately. The funds mainly come from the financial sector, where the banking, securities investment services, and insurance industries combined will invest more than $1,1 billion this year.
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