The Financial Executives Research Foundation (FERF) has released a report prepared in partnership with one of the 'Big Four' accounting and consulting firms Deloitte[1], on how blockchain technology[2] is being employed in financial applications, Accounting Today reported[3] May 9.
The report entitled “Blockchain for Financial Leaders: Opportunity vs. Reality” analyzes how blockchain could affect financial reporting, staffing, and other areas essential to executives. Researchers surveyed a group of financial executives, 30 percent of whom said they “plan to commit resources to blockchain within the next year and a half, though they don’t know yet what potential the technology holds.”
The survey also asked whether a significant change in the Bitcoin[4] price or any negative news associated with the leading cryptocurrency[5] would discourage them from exploring blockchain in the finance field. 64 percent of the respondents said they would not be deterred.
The report predicts that fundamental principles of accounting and auditing, such as staffing and training strategies, will need to be adapted or completely changed in order to integrate blockchain technology. According to the report, only a third of the participants in the survey expressed readiness to address those changes.
67 percent of respondents said their organizations don’t have the ability to train or hire specialists with the necessary skills for implementing distributed ledger technology[6], while 33 percent said they are ready.
Andrej Suskavcevic, president and CEO at Financial Executives International and Financial Executives Research Foundation said:
“Blockchain is a powerful technology that presents numerous areas of opportunity in the financial sector. This report provides a baseline to help financial professionals understand where we are in terms of vetting, adapting and adopting blockchain. It also encourages them to begin thinking
