Blockchain Calls For 30% Of Financial Executives

A combined survey by the Financial Executives Research Foundation (FERF) and professional services major Deloitte realized that 30% of financial executives aim to allocate funds for blockchain investment within the next year and a half although it is unknown to them what potential the technology possesses.

The study presented results contained in a report called “Blockchain for Financial Leaders: Opportunity vs. Reality,” which delves into the impact of the technology on staffing, financial reporting, and other vital areas to financial executives.

FERF president and CEO Andrej Suskavcevic commented:

“Blockchain is a powerful technology that presents numerous areas of opportunity in the financial sector. This report provides a baseline to help financial professionals understand where we are regarding vetting, adapting and adopting blockchain. It also encourages them to begin thinking about how open ledger technology and its real-time verification and transactional capabilities can help them excel in their roles.”

64% of those polled surprisingly answered in the negative when asked if any unpleasant news on Bitcoin and symbolic swings in its value would stop them from delving into blockchain in the finance field.

The report stated that the fundamental principles of accounting and auditing should be altered in a way that enables incorporating blockchain. This revision should include recruitment and training strategies. However, only about 33% of the executives polled stated their organization can lure people with the necessary skillset, while 67% said they were not ready for this change.

Jon Raphael, Deloitte & Touche national managing partner of adult creativity and client service delivery, added:

“There are still some gaps in connecting traditional systems with newer systems leveraging blockchain… there is the matter of staffing up with the appropriate talent.”

An independent survey by Thomas Reuters has shown that almost 20% of institutional investors are inclined to invest in cryptocurrencies within the next 12 months. Some 70% of the respondents said they were hoping to get involved in digital currencies within the next three to six months.