Asia-Pacific executives have strong belief in blockchain's strategic value
89 percent of Global Blockchain Survey respondents in APAC are hiring staff with blockchain expertise
According to Deloitte's 2020 Global Blockchain Survey, 34 percent of China Mainland and 52 percent of Hong Kong SAR respondents plan to spend at least USD5 million on the Blockchain technology over the next 12 months.
Blockchain as a Top 5 strategic priority
55 percent of the 1,500 senior executives across 14 countries and regions see blockchain as a Top 5 strategic priority. Meanwhile, 89 percent of Asia-Pacific respondents are hiring or plan to hire blockchain expertise, and 39 percent have already deployed blockchain in a production environment. Some 83 percent believe failing to adopt blockchain will diminish their competitive advantage.
Data sharing, reconciliation and traceability are the top three blockchain use cases in Asia-Pacific
The report also reveals that nearly 89% percent of executives believe in the potential of digital assets in the next three years, and 70 percent regard the pace of regulatory change as very or somewhat fast. Although digital currency has become the top use case globally, data sharing, reconciliation and traceability are the top three blockchain use cases in Asia-Pacific.
Dr. Paul Sin, leader of the Deloitte Asia Pacific Blockchain Lab says, "While there is regulatory uncertainty or even outright bans on digital assets and cryptocurrencies in Asia-Pacific, blockchain is uniquely capable of meeting the need for data sharing across national and industry borders without breaching privacy. Cross-border track-and-trace is key to sustainability and anti-counterfeiting efforts, while identity validation is essential for virtual banks, SME trade financing, and financial inclusion. These topics are on top of most Asian governments' agendas, especially in the post-COVID-19 economy."
Other key findings of the report:
- Digital assets are gaining their footing
- Cybersecurity presents a persistent yet manageable challenge
- Global digital identities have yet to fully realize their potential
- Regulatory requirements can complicate adoption
- Blockchain consortia are focusing on governance
- Blockchain is global, but perspectives on the technology are local