Calling blockchain “one of the most misunderstood technologies in recent times”, managing director of the Monetary Authority of Singapore (MAS) Ravi Menon said there are several misconceptions about blockchain.
Speaking at CordaDay Singapore 2019, a blockchain-centred conference held on March 7, Menon said these include the false impression that blockchain is all about crypto currencies or tokens.
Many wrongly believed that the technology is inadequate for enterprise usage because it is slow, inefficient, and scales poorly. There is also doubt that the use of blockchain could bring business value for companies.
At the same time, however, Menon cautioned against the assumption that blockchain is the solution for all kinds of problems, The Edge Singapore reported. “While the blockchain holds promise as a solution for some of industry’s big problems, it is not a solution for every problem."
The central bank chief said MAS is committed to partnering global financial institutions and companies to realise the potential of the blockchain technology in the island-state. “My plea to you is pick a viable use-case (for blockchain technology) with deep economic or social impact and work towards bringing it to life."