Most finance execs consider blockchain vital in next 10 years, but regulatory issues a hurdle in adoption: survey
A slight majority of financial executives believe blockchain will have an impact over the next 10 years, but find regulatory matters major barriers to adopting the technology, according to a new survey.
Synechron Inc., a global consulting and technology firm specializing in the financial services sector, released Monday the results of a commissioned survey on the prospect of blockchain and artificial intelligence in financial services.
The survey was conducted with 92 banking and capital marketing institutions, with executives who are directly involved with technology decisions at their company.
More than 55 percent of respondents believe that over the next 10 years, blockchain will be a substantially important technology in financial services.
However, just 12 percent reported they currently have any kind of deployments in blockchain, while 88 percent are either in the research and development stage or doing nothing at all.
Respondents where asked about the main obstacles to blockchain adoption. The top answer was “unclear legal and regulatory aspects,” followed by “unproven scalability and performance capabilities.” “Interoperability” was also cited as a major concern.
“When it comes to blockchain, the biggest hurdle for financial services firms is regulation. That being said, we are seeing more and more firms embrace blockchain in areas such as real-time payments,” said Wade Murray, managing director of innovation at Synechron, in a press release. “Blockchain is more than just a pipe dream – it’s a powerfully real technology that could solve major problems for the financial industry.”
Logo via press release