Blockchain could save financial markets $30 billion if talent shortage is addressed

On the one hand, managers of financial services companies believe that distributed ledger technology (DLT) will have a disruptive impact on all industries in the next 3 to 5 years; however, on the other hand, the shortage of blockchain talent is a major threat to the deployment of this technology in the real world. These are two very different conclusions that can be drawn from two blockchain reports released by Bain and Tabb Group. According to Bain's report, nearly 89% of financial market managers surveyed believe that financial institutions will adopt distributed ledgers 2020年之前The report predicts that DLT can save 150亿到300亿美元in costs for the global financial market ecosystem.

The Tabb Group report was conducted on behalf of Synechron, a global financial and technology services consulting company. It interviewed 200 financial executives around the world and also received clear signals from them: most respondents believe that DLT will penetrate into people's daily lives in the next 10 years. However, 70% of managers complained that the DLT industry is facing a serious shortage of talent, both in terms of blockchain development and changes, and in terms of complex activities in the financial services ecosystem.

Faisal Husain, CEO of Synechron, commented:

Most financial services firms are clearly taking a stance on DLT, either considering using blockchain for their internal systems or already experimenting with the technology. However, every new technology comes with challenges. Our survey shows that selecting the right staff is one challenge, while regulation is another, and technical issues are another.

Many companies still choose to take a "wait-and-see" attitude. Therefore, Bain suggests that in order to gain an advantage in market competition, companies should start to improve their processes, policies and IT architecture to prepare for the commercial deployment of DLT.

The future market winners will be those companies that make a systematic and thorough reform for DLT deployment. This reform includes analyzing the evolution of the ecosystem, thinking about their role in this evolving system, and prioritizing DLT experiments and investment routes.