16 May, 2018
The Financial Executives Research Foundation (FERF) recently performed a study on how blockchain technology is being implemented for different business uses in the financial sector. The study shows that roughly one-third of financial executives are ready to dedicate resources to the growing technology to help maintain their business practices.
Most employers aren’t ready to take advantage of blockchain
In a review of the study, a report titled “Blockchain for Financial Leaders: Opportunity vs. Reality” looked at how blockchain technology could be used in certain aspects of these businesses, such as reporting, staffing, and other key areas. 30 percent of executives said they “plan to commit resources to blockchain within the next year and a half, though they don’t know yet what potential the technology holds.”
A survey by Gartner revealed that 77 percent of Chief Information Officers (CIOs) say they have “no interest in the technology and/or action planned to to investigate or develop it.”
FERF president and CEO Andrej Suskavcevic, a supporter of implementing blockchain technology into the business world, 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 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.
Blockchain could change recruiting in the financial sector
33 percent of the executives polled by FERF stated their business can attract employees with the necessary skills to implement blockchain technology in these key areas of their organization, while 67 percent said their businesses are simply not ready to take on such a change.
Jon Raphael, who leads audit innovation and client service delivery for Deloitte, says that most of the pushback received is simply a “matter of staffing up with the appropriate talent.”
As more companies begin using blockchain for everything from their day-to-day business practices to more in-depth reporting and organization, we may see these skill sets become more attractive when recruiting or on-boarding new employees. In such a case, we will most likely see an increasing number of executives supporting blockchain initiatives.
Image via Pixabay.