A survey of over 200 board level UK executives has found that while over half of businesses sampled are planning blockchain initiatives, less than 1 in 10 believe they have the required skill sets in place within their organisations. At the same time, more than 40 per cent of non-IT/data senior executives admit to not fully understanding blockchain technology.
The lack of regulation (23 per cent) is seen as the biggest barrier to the adoption of blockhain technology, while smart contracts (52 per cent), supply chain transformation (44 per cent) and IP protection (39 per cent) are the top-three non-fintech planned applications according to the UK plc sample. 90 per cent of CTOs surveyed believe blockchain will improve customer trust, privacy and security, although 40 per cent think Blockchain will not become a mainstream enabler of business transformation for another 3-5 years.
Search and recruitment consultancy MBN conducted the survey across a range of industry sectors including Banking, Financial Services, Retail and TMT with organisations including Morgan Stanley, Sainsbury’s Bank and Deloitte interviewed on their views in relation to the advent of blockchain technology and how it is impacting their business.
Paul Forrest, Chair of MBN, said: “What is clear from the survey is that the conversation around blockchain is changing rapidly and we’re only now starting to understand this technology’s real, practical and full potential beyond the obvious financial applications. While it is encouraging that so many businesses are planning Blockchain initiatives, it’s also clear that we need to be building a better foundation of skills if we are to keep ahead of the curve.”
Steve Waldron, UK Head of Operations at UK SEI Wealth Platform, said: “The word ‘blockchain’ is beyond being an alien word to so many and contributes to conversations across multiple different levels in the financial sector alone. The fact that 90 per cent of CTOs believe blockchain will improve customer trust, privacy and security is hugely positive as CTO’s will be the blockchain believers and the champions of blockchain within their organisations – I would expect the CTOs to help drive the old guard out of Jurassic Park!”
Peter Ferry, co-founder and Commercial Director at Wallet.Services, said: “CTOs see blockchain as addressing their challenges of privacy and security, while executives are rapidly learning how and where it can be applied. This survey confirms our view of the cross-industry potential and competitive advantage for organisations that accelerate their learning, real-world application and adoption of blockchain tech.”