Blockchain for FinTech
It is said that Blockchain will change the structure of the financial industry. Many financial institutions, large corporations and small startups are researching and testing the use of Blockchain technology to disrupt current markets and establish new business models. At the same time, Blockchain is increasingly attracting attention from regulatory authorities. However, potential use cases, opportunities and risks associated with the technology are the subject of heated debate among industry participants: what is the killer application and what is merely hype?
In this report we present the results of a survey among more than one hundred professionals and senior-level management from the financial services industry, the information technology sector and academia.
Among all the different areas where Blockchain can be applied, we find the highest impact in energy and FinTech. For FinTech, we note that currently the identification of use cases is in highest demand. This clearly indicates that many companies are still in the early stages of their Blockchain journey. Three important knowledge gaps can be identified in the FinTech industry: (1) Individuals are perceived to be much more knowledgeable on Blockchain topics than companies are, (2) Mid-Level Management is under-educated compared to Entry-Level Employees and Senior-Level Management, (3) Public Administration and Law show the strongest discrepancy between perceived Blockchain importance for the sector and current Blockchain competence