Survey: 48% of Financial Professionals have No clue About Blockchain

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Prerna Sengupta
Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.
48% of Financial Professionals have No clue About Blockchain
  • According to the 2019 FinTech Barometer survey, 48% finance professionals don’t know what blockchain is.
  • Over half of the people, i.e., 52% said that blockchain was never discussed in meetings.
  • However, 29% of the class size said that they already use or plan on using blockchain in the future.

The credit management software firm Onguard conducts an annual survey called the FinTech Barometer.

According to its most recent edition 48% of finance professionals do not know what it is. The survey was conducted among 1000 professionals who worked in the finance sector.

Astonishingly, over half of the people, i.e., 52% said that blockchain was never discussed in meetings.

However, the chief finance officers seem to be better informed about the technology as 45% of this group of people said that they discuss blockchain at least once a week.

29% of the class size said that they already use or plan on using blockchain in the future and a mere 10% have said that they think of it as a “disruptive technology” coupled with cloud computing and artificial intelligence as one of the more troubling disruptors in the financial world.

What the heck is ‘Blockchain’?

Blockchain is most commonly known as a record-keeping technology where information is stored in blocks that are linked using cryptography. It is an open and distributed ledger which is collectively managed by a peer-to-peer network.

Blockchain has been hyped about immensely beyond its ability to deliver. Some people have also claimed that it can cure cancer! However, the technology is being increasingly used for a multitude of reasons like tracking the authenticity of goods, for example, it was recently used to sell wine directly from the vineyards to restaurants and other retailers and also to customers.

Major investment banks like J P Morgan have also invested in the same technology. The Blockchain Center for Excellence (BCOE) is responsible for the application of distributed ledger technology (DLT) within the organization. They are currently exploring the various uses of blockchain and are looking to provide solutions across business lines.

The CEO of Onguard, the firm that conducted the survey, says that with nearly two-thirds of CFOs already preparing an initiative related to blockchain.

He is of the opinion that this might be the beginning of a blockchain revolution. This only goes to say that despite the massive hype created around blockchain in 2017, this is only the beginning for the blockchain industry.

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