Is blockchain for SMES?
BLOCKCHAIN as an emerging technology is gaining interest with many governments driving the ecosystem for mainstream adoption of blockchain technology as a national-level agenda. On Aug 21, 2019, OpenNodes, a government-backed Web-based engagement platform was launched to bring together more than 20 government agencies, blockchain companies and corporates - including EY - to foster innovation and collaboration in the Singapore blockchain community.
Usage of blockchain to date have been largely limited to multinationals and certain industries. Among small and medium-sized enterprises (SMEs) with limited resources and knowledge, the proliferation of multiple, disparate and siloed blockchain networks may be confusing.
In a poll of over 500 Asia-Pacific attendees of an EY webcast in June 2019, two-thirds of the participants believed they require a better understanding of the possibilities, risks and benefits of blockchain before thinking about applying the technology to their organisations.
Blockchain is a decentralised ledger of transactions that occurs across a network, allowing for a ''shared record book''. Transactions in the network are validated by the individual entities before being grouped into blocks, and then subsequently linked to the previous block chronologically, and secured using cryptography.
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