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.
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“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.”