Why finance veterans are still skeptical about blockchain
Blockchain has been part of the finance conversation for over a decade now. Yet many professionals remain cautious.
Many seasoned professionals in finance, wealth management and economics often question blockchain’s relevance, asking, How exactly is blockchain supposed to fit into what we already do?
This question reflects a few key ongoing skepticisms about blockchain within finance.
Uncertainty about practical applications
Blockchain offers some big promises: faster settlements, stronger security and better transparency. But actually applying those promises across banking, accounting and operations is still complicated.
A 2021 APQC survey identified the main hurdles: a lack of industry-wide adoption, skill gaps, trust issues, financial constraints and problems with interoperability. Even organizations that want to embrace blockchain often struggle to turn ideas into working solutions.
Doubts about necessity
Some finance professionals aren’t convinced blockchain is necessary at all.
The same APQC survey showed trust