Rage Review : A study conducted by Bain and TABB Group shows that more than 89% of the financial market executives surveyed hope that distributed ledger technology will be adopted by financial institutions by 2020. Although multiple studies have been conducted on the importance of distributed ledger technology, more popularization of the technology to senior management is needed, especially in industries outside of banking, where a lack of understanding of blockchain will hinder investment and exploration of ideas. Translation: Nicole A study conducted by Bain and TABB Group shows that most financial firms expect to see a transformative impact from blockchain technology and its adoption within the next three to five years. The report said that more than 89% of financial market executives surveyed expect distributed ledgers to be adopted by financial institutions by 2020, and their impact on clearing and settlement will be "transformative." One of the significant changes expected to be brought about by this technology is that it will ensure that the global financial market ecosystem will save an estimated $1.5-3 billion in total costs. Most of these cost savings will come from companies being able to replace manual, redundant and error-prone processes with blockchain technology. Companies can also use reference data more quickly and at a lower cost, and the data will be more detailed and consistent, the report said. It is difficult to predict exactly when and where technology adoption will reach scale and what impact it will have on individual markets. Deloitte Research While several studies have been conducted on the importance of this technology, this study shows that the level of awareness of this technology has increased among top management. Deloitte said in its "Blockchain Enigma. Paradox. Opportunity" study that the main challenges associated with blockchain are a lack of understanding of the technology, especially in industries outside of banking, and a lack of widespread knowledge of how it works, which has hindered investment and exploration of ideas. In its other report — Building Blockchain — Deloitte noted that nearly 40% of executives surveyed had little knowledge of blockchain. When juxtaposed with the Bain and TABB reports, the results are very encouraging. Of the 200 financial executives surveyed globally, 70% of business leaders believe the industry is experiencing a severe talent shortage, namely a lack of people who are "savvy with both the vagaries of blockchain and the complex plumbing of the financial services ecosystem." Some of these executives said they were under pressure to gain senior management attention, understanding and commitment to demonstrate near-term results and were now working to develop business cases and find ways to apply their findings. The report states:
However, while 38% of companies are still taking a wait-and-see approach, the report found that companies can move beyond uncertainty and gain a competitive advantage through DLT. Nevertheless, the report argues that the maximum impact of the technology can only be achieved when ecosystem participants reach a critical mass. |
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