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Laxman Pai, Opalesque Asia:

A vast majority of senior executives in fund management industry have an average to poor understanding of blockchain technology, said a survey.

Despite overall optimism in blockchain's potential, 76 percent of industry respondents described the level of understanding of blockchain amongst senior executives as either average, poor, or very poor.

Additionally, 82 percent of industry respondents described the industry's approach to blockchain and investigating its potential as either average or poor, said a survey by Global Blockchain Business Council and Janus Henderson Investors.

Industry respondents identified a lack of understanding and a lack of technical expertise as the biggest challenges facing the asset management industry in terms of its adoption of blockchain technology.

By recent estimates, fewer than 10 percent of firms are focused on recruiting blockchain expertise, even though 70 percent of firms believe blockchain will have a significant impact on their business over the next five years.

The research found that 49 percent of industry respondents believe blockchain technology could be a key differentiator between which fund managers end up as leaders and which fall behind.

Besides, 64 percent said that a majority of asset managers will be using blockchain technology for one or more parts of their business within the next ten years.

When asked to identify the most significant benefits of blockchain-based solut......................

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