Economic Executives To Commit Funds to Blockchain SystemMay 16, 2018
FERF or Financial Executives Research Foundation and Deloitte, one of the biggest accounting and consulting companies jointly released a report on how blockchain system is being used in monetary applications.
This report is called “ Block chain for Financial Leaders: Opportunity vs. Reality”, which examines how blockchain system can affect staffing, financial reporting and other factors important to managers. Researchers asked a group of economic executives, thirty percent of them said they are planning to commit funds to blockchain in the next year, even if they are not totally aware of what this latest technology holds.
These groups of economic executives were also asked if a considerable change in the price of Bitcoin or any unconstructive news related with this crypto would put them off from exploring blockchain system in the field of finance. 64% of the respondents stated that wouldn’t be discouraged.
This report expects that basic ideas of auditing and accounting, like training and staffing techniques, will have to be adapted or totally modified to incorporate blockchain system. The report also reveals that just 1/3 of the respondents expressed willingness to solve those modifications.
67% of the participants commented that their organizations do not have the potential to hire or train experts with the required knowledge for implementing disseminated ledger technology. 33% of the respondent said they’re ready.
Financial Executives International and Financial Executives Research Foundations CEO and President, Andrej Suskavcevic stated that “blockchain is an extremely powerful system that presents many areas of opportunity in the sector of economy. This report offers a baseline to assist economic experts know where we are when it comes to vetting, adopting and adapting blockchain. Also in encourages them to start thinking about how open ledger system and its real-time verification abilities can assist them shine in their roles”.
Report also shows that participants of the said survey look forward to using blockchain technology to make analytic capabilities bigger and ground-breaking financial reporting. According to Jon Raphael of Deloitte and Touch LLP, “one day blockchain might be viewed as a variation point in reporting and accounting procedures. The probability of this technology is expansive. On the other hand, what the study shows is that economic managers are approaching this chance in a suitably paced way. Still there are flaws in connecting conventional system with the latest technology leveraging blockchain”.
Months ago, another renowned company PricewaterhouseCoopers, obtained a minority stake in VeChain, a blockchain service provider in China. With this decision, this company intends to integrate the service platform of VeChain into its infrastructure that will need the application of their token so as to access as well as perform transactions.