New data from Visma | Onguard’s Fintech Barometer has found 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. Of this 65%, almost a third are already utilising the technology – a significant 12% increase on last year’s levels.
The analysis of four years of data from its annual Fintech Barometer has indicated the growing market trend towards blockchain adoption.
Blockchain’s uptake is likely to be closely linked to the variety of opportunities it presents to the financial sector. Enhanced data security was flagged as a key benefit by 28% of respondents, while 25% highlighted the greater ease with which international and corporate payments could be made.
The study found that while some hurdles remain on the journey to blockchain adoption, fewer respondents are identifying the biggest hurdle – security – as a challenge (from 40% in 2018 to 35% in 2021). This points to rising confidence in blockchain’s decentralised security features and its built-in protections against cybercrime.
Finance professionals are also growing increasingly aware of where the biggest hurdles lie in relation to blockchain technology. The drop in respondents claiming to be ‘unsure’ of the challenges (from 12% in 2018 down to 9% today) is another indicator of blockchain’s rising credibility in fintech circles.
Blockchain is forecast to be more than a flash in the pan. In fact, growing numbers of financial organisations are now integrating it into much longer-term plans. With blockchain and robotic process automation (RPA) capable of working together, results from 2021 show that 40% of businesses are developing ideas on how to incorporate robotisation into their adoption of blockchain – a large jump from last year’s 25% and another indicator that blockchain technology is here to stay.
Tim Blok, CTO of Visma | Onguard said “The story of blockchain adoption has truly moved into its next chapter. Only three years ago, many financial organisations discredited blockchain as a passing fad, but that’s certainly not the case now. Our 2021 study shows an improved awareness and understanding of how the technology works, which is driving its increased adoption. Blockchain looks set to become a key solution in the toolkit of financial organisations moving forward.”