Banks In North America & Europe Explore The Use of Blockchain

Banks In North America & Europe Explore The Use of Blockchain

Nine out of 10 banking professionals surveyed at large US, European and Canadian commercial banks reportedly said their company is exploring the use o

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Nine out of 10 banking professionals surveyed at large US, European and Canadian commercial banks reportedly said their company is exploring the use of blockchain technology for payments.

Accenture`s report studied blockchain or one of the most talked-about topics in the financial services industry.

Accenture is a global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations.

“Banks are definitely interested in blockchain. However, most banks we surveyed are still in the early stages of adoption, with about three-quarters either involved in a proof-of-concept, formulating their blockchain strategy, or just beginning to look into it.”, as Accenture wrote in their report.

“Thirty-two commercial banking professionals were interviewed to learn about the potential of blockchain / distributed ledger technology.”, as the report highlighted.

Interviews were conducted via telephone with respondents at domestic and international banks in the United States, Canada and Europe. The questions concerned the potential of the technology to transform the payments business, as the company explained.

“Nine in 10 executives said their bank is currently exploring the use of blockchain.”, according to Accenture.

“For many executives, the value proposition for blockchain is not yet clear enough and top decision-makers have insufficient understanding of the technology. Providing education to employees and executives continues to be critical for the near-term. But the broad success of blockchain in payments hinges upon industry collaboration to create supporting networks that include banks and non-banks.”, said Richard Meszaros, Connected Commerce lead in Accenture Digital and co-author of the report, who was quoted at Accenture`s press release.

As this survey found, banks appear to be interested in blockchain technology. Future will show whether and how the technology will be adopted any time soon.

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