Results of a survey commissioned by global digital, business consulting and technology services provider Synechron suggest financial services executives overwhelmingly (89 per cent) believe blockchain will be in use within the next decade.
While banks vary greatly in their current embrace of the technology, the results suggest most are weighing how to best employ the blockchain within their current resource and business frameworks, Synechron said in a release.
Executives believe blockchain is on its way:
- 94 per cent of respondents believe boards have bought into blockchain.
- 87 per cent believe they have sufficient resources.
- 67.4 per cent of companies are actively engaging in blockchain initiatives.
Most institutional involvement is in its early stages, however:
- 13 per cent of senior executives are assembling a blockchain team.
- 16.7 per cent have identified a use case for blockchain, with global payments, trade finance and KYC the most popular.
- 15 per cent have built a pilot application.
- 70 per cent believe they do not currently have enough talent on staff to properly implement blockchain.
The most pressing issues needing to be resolved are:
- Interoperability (29.3 per cent)
- Privacy (20.9)
- Scalability (20.5)
- Regulatory guidance (16.7)