A majority of Asia-Pacific asset owners and asset managers believe blockchain technology will be widely adopted by the investment industry within five years, says State Street.
Sixty-two per cent of asset owners and 56 per cent asset managers in Asia-Pacific believe distributed ledger technology (blockchain) will achieve mass adoption, according a State Street survey.
State Street commissioned Oxford Economics to survey 48 asset managers and 42 asset owners in the Asia-Pacific region about their attitudes towards blockchain.
While a majority of respondents expressed optimism about blockchain technology, 43 per cent of asset owners and 50 per cent of asset managers said they need more education on the topic.
State Street Emerging Technology Center senior managing director Hu Liang said a majority of institutional investors are "well aware" that blockchain could become embedded in our everyday applications in the near future.
"We are actively supporting several blockchain and blockchain-inspired initiatives both internally and as part of a handful of consortiums of the world's biggest banks and technology companies," Mr Liang said.
Seventy-five per cent of respondents agreed IT, regulatory and investment teams would be the most affected by the implementation of blockchain technology.
Sixty-seven per cent of investors surveyed were worried about security, particularly when it came to public pension funds in Japan and Singapore.
"Regardless of industry-wide adoption, 40 percent of respondents are convinced that blockchain is most likely to be used privately by companies with their clients, verses 36 percent who believe blockchain will be used broadly by the industry," said State Street.
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