Asia-Pacific companies lack trust and confidence in blockchain

An EY Blockchain webcast revealed in a poll that 68% of participants in Asia-Pacific believe that lack of understanding and education on blockchain application is the greatest risk and challenge for boards and executives. 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% 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% 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. Let’s remember that blockchain is a technology, and the concept of ‘trust-less’ only applies within the blockchain.

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