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The financial industry has worries about the potential impact that blockchain can have on the financial industry and, more specifically, their business.
According to a recent survey of financial industry executives, Synechron found that:
- 89 percent said that they expect blockchain-based financial products to be commonplace by 2026.
- 94 percent say that they are already actively exploring the uses of blockchain
- 87 percent say that they have enough budget to explore blockchain projects
- 70 percent say that they don’t have enough skills to be able to implement blockchain projects
Eric Piscini, principal at Deloitte, said that “most financial services companies have been involved in blockchain via their labs, investments, and pilots for a while now. Other industries are now starting to realize the potential for disruption, as well as the new opportunities that blockchain creates.”
Problems/issues with blockchain that have financial executives worried include:
- 25 percent worry about regulatory guidance
- 29 percent say interoperability and technical standards are problems, and
- 20 percent say that they worry about scalability.