Blockchain has been mentioned as a technology that could be set to revolutionize many industries for a few years now. It rose to prominence as the technology underpinning bitcoin and other cryptocurrencies and has since been touted as a solution for many other sectors.
There are already plenty of examples of big businesses implementing blockchain, but the majority of these are financial or technological firms. As Singapore is home to many such companies and more, it could help introduce blockchain into the mainstream but there are a few hurdles it needs to pass first.
Understanding and Education
While there is seemingly a lot of information out there about blockchain, from think pieces about how it can be implemented in many ways to detailed explanations of how it operates, there is still a big knowledge gap. One of the main reasons it appears limited to tech and finance companies, from start-ups to established firms, is due to a lack of widespread comprehension.
Blockchain is too powerful to ignore, according to RSM, yet it looks like it’s also too complicated to explain. Greater education is needed but it must be delivered to the right people as well. It’s not academics and coders that need educating in blockchain, but CEOs and business leaders in Singapore.