A new study conducted jointly by the Financial Executives Research Foundation (FERF) and Deloitte, one of the world's largest auditing and consulting firms, revealed that 30% of financial executives intend to allocate funds for investments in blockchain technology over the next 18 months.
The results of the study are contained in a report entitled " Blockchain for Financial Leaders: Opportunity Vs. Reality "exploring the impact of technology on recruitment, auditing, financial reporting and other critical areas for executives. The researchers interviewed a group of financial executives, 30% of whom said they "plan to commit financial resources to blockchain over the next 18 months, although they do not yet know what is potential of technology.
The survey also asked whether a significant change in the price of bitcoin or any negative news associated with the main cryptocurrency would discourage them from exploring the blockchain in the financial field; 64% of respondents said they would not be deterred if this happened.
"The blockchain is a powerful technology that presents many opportunities in the financial sector. This report provides a baseline to help finance professionals understand where we are in terms of checking, adapting and adopting the blockchain. He also encourages them to start thinking about how distributed registry technology and real-time transaction verification capabilities can help them excel in their roles. " Andrej Suskavcevic, President and CEO of Financial Executives International and the Financial Executives Research Foundation
Nevertheless, the report anticipates that some fundamental principles, such as accounting and auditing, will need to be adapted or completely modified to incorporate blockchain technology. This revision would also include recruitment and training strategies. According to the same report, only one third of the survey participants would be ready to deal with these changes. 67% of respondents said that their organization does not have the capacity to train or hire specialists with the necessary skills to implement distributed registry technologies.
For Jon Raphael, Chief Innovation Officer at Deloitte & Touche:
"The blockchain can one day be considered as an inflection point in the accounting and reporting processes. The potential of technology is vast. However, research indicates that financial leaders are approaching this opportunity in an appropriate manner and at an appropriate pace. There are still gaps in the connection between traditional systems and new blockchain-based systems ... there is the issue of hiring skilled people. "
Recall that last April, a study conducted by Thomson Reuters revealed that nearly 20% of institutional investors are inclined to invest in cryptocurrencies over the next 12 months .
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Only 30%? Just kidding, thats great. In 9 years this has gone from a 9 page whitepaper to 30% of execs waiting to invest.