The Current State of Blockchain Knowledge
Despite the buzz surrounding blockchain technology, a staggering 68% of enterprises in the Asia-Pacific region admit to struggling with a proper grasp of how to utilize it. This revelation comes from a recent poll conducted by Ernst & Young (EY) during a live blockchain webcast attended by 576 participants. The survey indicates that the majority of attendees feel unprepared to implement blockchain—an alarming trend for a technology often touted as the future of business.
Trust: A Major Hurdle
To truly comprehend blockchain, we first need to tackle the trust issues plaguing the enterprise world, as Adam Gerrard—partner at EY and blockchain leader for the Asia-Pacific—points out. Trust isn’t just a buzzword; it’s the bedrock upon which blockchain thrives. For many organizations, ensuring their board and executives are educated on the topic is essential in overcoming these trust barriers.
The Myths of Blockchain
Although blockchain is often hailed as a trustless utopia, the reality is somewhat different. A striking 46% of those surveyed voiced concerns about the misunderstandings surrounding its trustless nature. Companies often misconstrue this principle as being synonymous with a lack of responsibility when, in fact, it means that trust is placed in the technology, not a central authority.
Furthermore, another common misconception is the idea of blockchains being entirely unhackable or immutable. Jimmy Ong, also a partner at EY, clarifies that while the underlying blockchain ledger indeed possesses immutability, the applications built on top of it may not share the same resilience. It’s like saying your most robust vault door is impenetrable but forgetting that the walls might be made of paper.
The Need for Education and Training
According to EY, 66% of the participants believe that a grip on the possibilities, risks, and benefits of blockchain is paramount before they can think about applying it within their organization. Without ample education and training, businesses may miss out on critical innovations that could streamline operations or enhance their service delivery.
Future Steps: Solutions Rolling Out
In response to these knowledge gaps, EY is taking charge by introducing various solutions aimed at making public blockchains more secure and scalable. This includes analytic tools, smart contract security services, and specialized tax accounting resources designed specifically for blockchain-based assets.
As the education around blockchain improves, so too will the trust from enterprises, opening the floodgates for its wider adoption across various industries.
