Author: Wang Yanhua
The Financial Executives Research Foundation (FERF) has released a report today prepared in partnership with one of the ‘Big Four’ accounting and consulting firms Deloitte, analyzing how the rise of blockchain technology and services affects various financial applications today.
The research paper entitled “Blockchain for Financial Leaders: Opportunity vs. Reality” serves as a starting point for financial executives developing strategies to approach and engage with blockchain technology, according to FERF.
The report has some interesting findings:
30 percent of surveyed financial 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.”
64 percent of the respondents said they would not be deterred from exploring blockchain in the finance field by a significant change in the Bitcoin price or any negative news associated with the leading cryptocurrency
67 percent of respondents said their organizations do not have the ability to train or hire specialists with the necessary skills for implementing distributed ledger technology, while 33 percent said they are ready.
Andrej Suskavcevic, president and CEO at Financial Executives International and Financial Executives Research Foundation 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.”
According to the report, survey participants anticipate utilizing blockchain in order to expand analytic capabilities and advance financial reporting. Jon Raphael, national managing partner of audit innovation and client service delivery at Deloitte & Touche LLP said:
“Blockchain may one day be seen as an inflection point in accounting and reporting processes. The potential of the technology is broad. However, what the research indicates is that financial executives are approaching this opportunity in an appropriately paced manner.”