Synechron , a global consulting and technology innovator in the financial services industry, has released the results of a survey conducted by the TABB Group for Synechron on the potential of blockchain and artificial intelligence (AI) in financial services, with respondents believing that they will have a major impact over the next 10 years.
After conducting the survey with 92 banking and capital markets institutions, the findings found that there is still a perception among decision-makers that working with blockchain and artificial intelligence is in some way circumventing or changing key regulatory requirements.
“Many people do not fully understand that the underlying technology is not aimed at changing the rules of compliance and regulation, but will, in fact, allow for more efficient and less risk-averse compliance with regulations,” Synechron CEO Faisal Husain told Bitcoin Magazine . “The technologies are optimizing what financial institutions can achieve, not what rules they can circumvent.”
Husain believes that it is this perception that is the likely result of all the early hype that surrounded the use case for Bitcoin, suggesting that blockchain evangelists need to educate the markets about the realities of peer-to-peer cryptographic technologies.
The findings revealed that when it comes to blockchain technology, 55 percent of respondents think it will be hugely important in financial services over the next 10 years. Surprisingly, only 12 percent said they currently have any kind of deployments in blockchain, while 88 percent are either in research and development or are doing nothing.
When asked what the main hurdles to blockchain adoption were, by a margin of two-to-one the answer was: unclear legal and regulatory issues.
“Legal and regulatory teams need to be involved in the innovation process from day one, so they can see the practice application of blockchain in their business, and not treat it as rubber-stamping departments late in […]
