We can all agree that both cryptocurrencies and Blockchain technologies can arrange an extraordinary contribution in the financial area. However, skepticism is one of the major problems in this field that doesn’t seem too excited about the idea of matching the two principles together.
At least that’s what it can be observed from the outside, but precisely because of that a study has been deployed to determine exactly how is the perception of Financial Executives and the field in general regarding this cutting-edge technology that potentially has so much to offer to the financial community and its processes.
Let’s find out more about what the study concluded, as well as the surprising numbers the investigation threw.
Blockchain for Financial Leaders: Opportunity vs. Reality
The investigation was deployed by The Financial Executives Research Foundation (FERF) in collaboration with Deloitte, the accounting and consulting firm that belongs to the ‘big four’ group.
The main subject treated was how the blockchain technologies are being used now in the financial area, and how will it be its adoption shortly. Stay tuned because the results were amazing!
According to the research, at least a 30 percent of the diverse group of financial executives that participated in the survey are willing to explore the resources of the blockchain in a timeframe of 1 and a half year, to improve the main principles of accounting and auditing such as financial reporting and staffing.
Likewise, when participants were asked about how they think it would be affected this decision if Bitcoin would decrease its prices significantly or if it would end in the eye of the storm negatively, 64% of the surveyed executives said they wouldn’t change their minds.
However, not everything was rosy as per the results the survey encountered. A remarkable majority of survey agreed that to integrate the blockchain technologies with the foundations of the accounting and auditing processes, a high number of changes had to be done first, and for that, many resources would be needed.
67 percent of the study participants, argued they are not ready to make this integration as it requires a human resource with special skills and train in the technologies related to the blockchain, and at the moment their organizations do not count with that.
Regarding the results the CEO of the FERF, Andrej Suskavcevic expressed that the blockchain has a great potential to improve some of the processes of the financial system, and he was very optimistic by saying the survey would help executives to understand what are the potential benefits and what they can do to implement them.
For its part, Jon Raphael, associated with Deloitte & Touche LLP, established that there still are many gaps to fill up to make an appropriate blockchain integration to the financial processes. But as he thinks, the current perception of the financial executives is appropriated and goes at the right pace.
Image courtesy of Flickr
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