30% of Financial Executives Agree to Commit Resources to Blockchain: Survey Depicts
The financial executive’s research foundation (FERF) was involved in the presentation of a report made together with one of “Big Four” consultation and accounting organizations Deloitte. This report depicts they ways Blockchain Technology is used in the financial applications. This is according to the report on 9th may.
The report which has the title “Blockchain for Financial Leaders: Opportunities vs. Reality” makes an analysis of the ways Blockchain can have effects on staffing, financial reporting and also the other organizational sections to the executives. The research was carried out on the group of financial executives. 30% of the individuals 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.”
The survey also was meant to inquire if the changes in the Bitcoin price or rather the negative news reported in regard to the top cryptocurrency would discourage them from the exploration of Blockchain in finance. Therefore, 64% said that they wouldn’t be distracted.
The report makes a prediction that the significant auditing and accounting principles for instance training and staffing strategies will require being changed completely or rather adapted for integration of the Blockchain technology. In accordance with the report, about a third of the respondents said that they were ready to address the changes.
Around 67% of the respondents declared their organizations possess no ability in hiring and training specialists with the skills for the implementation of the distributed ledger technology. 33% of them were ready.
The CEO and the president of the financial executives International and Financial executives research Foundation, Andrej Suskavcevic declared;
“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.”
In accordance with the report, the participants of survey want to use Blockchain for the expansion of the analytic capabilities and also in the advanced financial reporting. Jon Raphael 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. There are still some gaps in connecting traditional systems with newer systems leveraging Blockchain… there is the matter of staffing up with the appropriate talent…”
Just recently, the PricewaterhouseCoopers got a minority stake in VeChain. Therefore, PwC is determined to integrate the service platform of VeChain to the infrastructure requiring the use of VeChain Tokens for access and performance of transactions.