FERF Research publishes paper on blockchain uses
The Financial Executives Research Foundation has released a research paper on the rise of blockchain technology and how it is affecting financial reporting systems, auditing and accounting.
Deloitte, a tax consulting firm, sponsored the paper, Blockchain for Financial Leaders: Opportunity vs. Reality, and it used data from its blockchain and financial reporting survey for the report, according to a press release.
Key takeaways from the report include:
- We won't understand the full functionality of blockchain in financial institutions for five to 10 years.
- 30 percent of respondents plan to invest in blockchain in the near future.
- Financial institutions will need to completely rethink staffing, training and other strategies to account for blockchain tech, and only 33 percent of the survey respondents are prepared for this.
- The rise and fall of individual virtual currencies will not affect the potential of blockchain.
"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," said Jon Raphael, national managing partner, audio innovating and client service delivery, Deloitte & Touche Llp. "These gaps will likely be closed in the near future with innovative solutions. A convergence of financial and IT skill sets will, in many cases, best suit the needs of businesses seeking to adopt blockchain-driven processes."