Over half of UK senior-executives have hopes to build Blockchain into their business, but less than ten percent think that they can achieve it, according to a new report. Search and recruitment consultancy MBN Solutions surveyed over 200 board-level UK executives, but found that only a small minority of leaders think that they have the ‘required skills’ to implement Blockchain.
The analysis was conducted across a range of tertiary sectors including banking, financial services, retail and TMT (technology, media and telecoms), and among businesses including Morgan Stanley, Sainsbury’s Bank and Deloitte. In these and similar firms, the survey also discovered that more than 40 percent of non-IT/data senior-executives admitted that they do not fully understand Blockchain and what the tech is capable of.
A lack of regulation is seen as the most significant (at 23 percent of respondents) barrier to Blockchain’s wider adoption. As a result, nearly half (40 percent) of the leaders surveyed claimed that they did not believe that Blockchain will not become a ‘mainstream enabler’ of business transformation for another three-five years.
Despite this, 90 percent of CTOs that were questioned believe that Blockchain has the power to improve customer trust, privacy and security.
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, part of Nasdaq-listed investment solutions group SEI, 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 percent 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.”
ScotChain17, one of Europe’s premier events on Blockchain, will be hosted tomorrow (Friday, 13th October), by MBN Solutions at RBS Gogarburn in Edinburgh.