Blockchain has been on the radar of finance professionals for some time. This is due to its perceived potential to help revolutionise the financial world. But it’s also been plagued by the fact that it’s a poorly understood term. Just a few years ago, there was a feeling of hesitation among finance professionals to adopt it in their organisation. While others had discredited the technology altogether as a passing fad that would quickly fade from existence. Jumping forward, Visma | Onguard’s Fintech Barometer discovered that 65% of organisations have either adopted blockchain technology or worked out the first ideas for future adoption in 2021, up from 51% in 2018.
Drivers of blockchain
The unblocking of blockchain adoption drives two points. First, the benefits such as enhanced data security and second, the ease of international and corporate payments. The security landscape for example has evolved dramatically in recent years. Signs point to users gaining confidence in the decentralised security features of the technology and its built-in protections against cybercrime. This trend underpins fact that finance professionals typically have increased awareness of where their organisation’s hurdles lie, with a reduction from 12% in 2018 to 9% in 2021 of those unsure.
Indications suggest that blockchain is now well on its way to credibility within the fintech sector. And not just as a short-term strategy. In fact, a growing number of financial organisations are now integrating it into their wider plans for the future. In the context of other emerging technologies, this trend is also significant when looking at the relationship between blockchain and robotic process automation (RPA). More businesses are developing ideas on how to incorporate robotisation into their blockchain adoption, increasing from 25% in 2020 to 40% in 2021.
2021 proved to be a significant year in the story of blockchain. A greater number of finance professionals have an awareness and understanding of how the technology works. This provides greater encouragement to adopt and utilise it. In addition, emerging and complementary technologies such as RPA witness the same upward trajectory in terms of usage. It’s been a transformative four years for the technology. And if it’s any reflection of how the next four years will pan out, it’s likely that we’ll see significant strides forward in the breaking down of blockchain barriers.