Blockchain Adoption Is Not a Priority for Finance Executives, KPMG Poll Shows

Most tax and finance executives do not consider adopting blockchain technology, according to a recent survey conducted by Big Four auditing firm KPMG. The results of the poll were shared with Cointelegraph on Tuesday, April 9.

A poll undertaken during a recent webcast, dubbed “Understanding Blockchain – It’s Not Just About Crypto,” was held in February 2019. KPMG asked around 450 tax and finance executives from different companies about blockchain and other technologies.

Generally speaking, the survey has shown that tax and finance executives are seeking different solutions to eliminate routine tasks from their teams’ operations. However, blockchain adoption is not a high priority, according to the results.

At least 60% of respondents claimed they would like to deploy blockchain in their companies to automate some repetitive tasks. Nonetheless, 67% were not using the technology at the time, while the other 27% were not sure whether their company was using it.

The participants also cited the key factors that impede blockchain implementation within their companies. 33% and 22% of respondents mentioned a lack of resources and funding, respectively. Other respondents named a lack of access to the technology decision-makers, along with the lack of tech capabilities.

Innovation principal and tax leader for blockchain at KPMG David R. Jarczyk thinks that blockchain might significantly improve the workflow of high-profile teams. While blockchain is doing the routine work, they can focus on analyzing data, he added.

“Blockchain is like a spreadsheet on steroids that can automate certain tasks, build greater transparency, speed and reliability, and provide a single source of transactional information,” Jarczyk concluded.

An earlier survey conducted by KPMG in late 2018 showed that almost half of the high-profile executives believe that blockchain will likely or very likely change the way their business is conducted within the next three years. 41% of respondents at the time said they are likely to use the technology in the future.

Another poll performed by the Global Blockchain Business Council revealed that 40% of institutional investors believe blockchain to be the most important innovation since the internet. Nonetheless, barely a third of them said that their firms would need to find a head of blockchain on their boards within the next five years.