On May 9th, a report released by Deloitte and the Financial Executive Research Foundation (FERF), one of the world's four largest accounting firms, showed that 30% of financial executives plan to invest resources to study the application of blockchain in the financial sector.
The report, entitled “Block Chains in the Eyes of Financial Leaders: Opportunities and Realities,†analyzes how blockchain affects areas of financial reporting, staffing, and other areas that are critical to financial executives. Researchers surveyed a group of financial executives, and 30% said:
They plan to invest resources in the blockchain field in the next year and a half, although they still don't understand the potential behind this technology.
The report anticipates that in order to integrate blockchain technology, the company needs to adjust or radically change its staffing, training strategy, and basic principles of accounting and auditing. The survey results show that only one-third of respondents expressed their willingness to make these changes.
67% of respondents said that their company has no plans to hire distributed ledger technologists, and 33% said they are ready for this.
Andrej Suskavcevic, President and CEO of the Financial Executive Research Foundation, said:
The blockchain is a powerful technology that offers many new opportunities for financial access. This report provides baseline data for financial professionals to understand the blockchain's review and adoption, and encourages financial executives to think about how to leverage distributed ledger technology and its real-time verification and transaction capabilities to further leverage individual job responsibilities.
Participants in the survey indicated that they plan to use the blockchain to expand analytical capabilities and advance financial reporting. Jon Raphael, a partner at Deloitte & Touche LLP responsible for audit innovation and customer service delivery, said:
On a certain day in the future, blockchains may become an important turning point in accounting and reporting procedures. The potential of this technology is huge. Studies have shown that financial executives are approaching and seizing this opportunity at an appropriate pace. However, there are still some problems in the process of integrating the traditional system with the blockchain, and the right talents are lacking...
The report also investigates whether significant changes in bitcoin prices or negative news will thwart financial executives' enthusiasm for exploring blockchains, with 64% of respondents saying they will not be intimidated.
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