Trade finance and know-your-customer (KYC) compliance operations are two out of the top three business functions likely to benefit from emerging blockchain technology according to a recent survey.

Global payment operations are also in the top three most likely beneficiaries of blockchain or distributed ledger technology.

Blockchain buy-in

The survey of over 200 senior global financial services and IT decision makers shows that 89 per cent believe that blockchain will be in everyday use in the financial services industry by 2026.

A further 94 per cent believe that boards have bought into blockchain projects with 87 per cent saying that they have allocated sufficient budget to implement these projects.

Gearing up

Over two-thirds (67.4 per cent) of companies are actively engaging in blockchain initiatives, while 13 per cent of the senior executives said they are assembling a blockchain team.

Nearly one in five (16.7 per cent) have identified a case for using the technology with respondents citing global payments, trade finance and KYC as the functions they will most likely operationalise using blockchain.

The survey of executives in the US, UK and Europe was conducted by TABB Group for Synechron, a global consulting and technology company.

Categories: Trade Based Financial crimes News