Executives slow on implementing blockchain

Results from a live poll conducted at FST Media’s Future of Banking and Financial Services conference showed blockchain adoption was still a work in progress for most companies.

More than 150 banking, finance and technology executives from Australia, New Zealand and overseas gathered at the Future of Banking and Financial Services conference in Sydney this week to discuss the latest on digital innovation, blockchain technology, regulation, fintech initiatives, risk and Cybersecurity.

Data from live polls conducted with delegates over the course of the event showed that only 15 per cent of companies represented had initiated blockchain projects, while just 10 per cent had a blockchain offering in full production.

A majority of 34.6 per cent pointed to enhanced customer experience as the main focus for blockchain implementation, while 32.1 per cent aimed to improve processes through its integration. In contrast, just 18.5 per cent chose blockchain as a means for achieving cost efficiency, and just 14.8 per cent hoped to increase security through a blockchain-based project.

Close to half of live poll respondents (47.5 per cent) considered their businesses stance on blockchain as still under assessment, while only 27.5 per cent were in an early phase proof-of-concept stage.