The majority of finance organisations are preparing to implement blockchain initiatives to exploit the potential benefits of the technology.
According to new research from credit management and order to cash experts Onguard, 65% of companies are already prepared or preparing for blockchain-related programmes.
The in-depth study of more than 1000 finance professionals revealed that nearly one-quarter (23%) of the organisations polled are already using blockchain, with 27% in the process of working out their first ideas.
An additional 15% of those polled said that it is on their short-term agenda but are yet to begin developing an initiative related to blockchain.
Bert van der Zwan, CEO at Onguard, said: “It is clear that blockchain is already having a substantial impact on our industry and this level of involvement is only going to increase.
“Blockchain technology provides businesses with great opportunities, especially in regards to data security which was cited as a primary reason that many organisations are increasing their blockchain activity.”
In preparation for the future impact of the technology, nearly one-third (32%) of finance organisations already have a job opening for a blockchain expert.
An additional 23% of businesses have already hired an expert while 29% are looking to employ a freelancer.
The potential uses of blockchain vary, but 60% of organisations have developed initiatives to help automate admin processes and payments while 32% are using it for the validation of documents.
The biggest benefit of blockchain noted by respondents was overwhelmingly enhanced data security.
Van der Zwan said: “The uptake of blockchain technology is a good indication of how technology is rapidly changing the financial services sector.
“This is also apparent in terms of cash flow and credit management, where businesses are eager to make processes more streamlined. Blockchain could yet play a big part in the development of these areas of a business.”