A joint survey by the Financial Executives Research Foundation (FERF) and professional services major Deloitte has found that 30% of financial executives intend to allocate funds for blockchain investment within the next year and a half although they do not know yet what potential the technology holds.
The results of the study are contained in a report titled “Blockchain for Financial Leaders: Opportunity vs. Reality,” which delves into the impact of the technology on staffing, financial reporting, and other areas crucial 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.”
Interestingly, 64% of those polled answered in the negative when asked if any unfavorable news on and significant swings in its value would stop them from exploring blockchain in the finance field.
According to the report, the fundamental principles of accounting and auditing will have to change in a way that allows incorporating blockchain. This revision should include recruitment and training strategies. However, only about 33% of the executives polled stated their organization can attract people with the necessary skillset, while 67% said they were not prepared for this adaptation.
Jon Raphael, Deloitte & Touche national managing partner of audit innovation 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.”
20% of financial institutions plan crypto investments
An independent survey by Thomson Reuters has found that nearly 20% of institutional investors are inclined to invest in cryptocurrencies within the next 12 months. Some 70% of the respondents said they were looking to get involved in digital currencies within the next three to six months.
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