Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

ALMOST TWO THIRDS OF FINANCE ORGANISATIONS ARE PREPARING FOR A BLOCKCHAIN REVOLUTION

Nearly two thirds (65%) of finance organisations are already prepared or preparing for an initiative related to blockchain, an in-depth study of over 1000 finance professionals has revealed.

The research commissioned by Onguard, the fintech firm that focusses on the order to cash process, discovered that nearly a quarter (23%) of the organisations polled are already using blockchain with 27% in the process of working out their first ideas. An additional 15% of those polled said that it is on their short-term agenda but are yet to begin developing an initiative related to blockchain. A further 16% of professionals admitted to not knowing what blockchain is.

Bert van der Zwan, CEO at Onguard said: “It is clear that blockchain is already having a substantial impact on our industry and this level of involvement is only going to increase. Blockchain technology provides businesses with great opportunities, especially in regards to data security which was cited as a primary reason that many organisations are increasing their blockchain activity.”

The study also found that in their preparation for blockchain, nearly one third (32%) of finance organisations already have a job opening for a blockchain expert. An additional 23% of businesses have already hired an expert while 29% are looking to employ a freelancer.

While the benefits of blockchain technology may vary, 60% of organisations have developed initiatives to help automate admin processes and payments while 32% are using it for the validation of documents. The biggest benefits of blockchain noted by respondents was overwhelmingly enhanced data security.

“The uptake of blockchain technology is a good indication of how technology is rapidly changing the financial services sector,” added van der Zwan. “This is also apparent in terms of cashflow and credit management, where businesses are eager to make processes more streamlined. Blockchain could yet play a big part in the development of these areas of a business.”