The Financial Executives Research Foundation (FERF) has released a report on how blockchain technology is being employed in financial applications, according to Cointelegraph.
The researchers surveyed a group of financial executives, 30% of whom had plans to commit to blockchain technology within the next 18 months. The group was also asked if any significant change in Bitcoin’s fortunes would discourage them from exploring blockchain, to which 64% of the respondents claimed that they would not.
Finding skilled staff versed in current blockchain technology was identified as a problem. 67% of respondents felt that their companies didn’t have the necessary skill base required to push the technology forward, although 33% of the respondents said they were ready.
Andrej Suskavcevic, president and CEO at Financial Executives International and FERF, said, “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 in terms of 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.”
Accounting Today suggests that now blockchain is emerging into the mainstream, accounting is an area benefitting from the possibility of a new type of accounting ledger — one that can be continuously updated and verified without the threat of being altered or corrupted. Ron Quaranta, chairman of the Wall Street Blockchain Alliance, agrees with Accounting Today’s claim that “[blockchain] technology aligns so seamlessly with our profession”.
Quaranta commented, “The internet gave us powerful ways to share and access information… blockchain now gives us a powerful way to share and access value.”
As Bitcoin News revealed recently, real estate and auto industry leaders have also profited from blockchain technology by using it to track assets, such as monitoring complete histories of assets, including the price at which homes and vehicles were bought and sold.
According to a recent Gartner survey, 77% of polled chief information officers had “no interest in the technology and/or action planned to investigate or develop it”.
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