tl;dr
The article discusses the projected adoption of blockchain technology in the financial industry by 2025. It highlights the evolving role of blockchain in finance, including its use for transaction logging, reporting, and analysis. The article also emphasizes blockchain's potential to improve transpa...
Financial Industry to Adopt Blockchain in 2025: Report
Blockchain is projected to significantly impact the financial industry by 2025, with a key focus on transforming finance and accounting. Quadient, a business automation firm, foresees blockchain technology shaping the future of finance and accounting, emphasizing its evolving role in improving legacy systems within the financial services industry.
Sarah-Jayne Martin, the director of financial automation at Quadient, highlights the increasing adoption of blockchain for accurate financial transaction logging, reporting, and analysis. She notes that more finance teams are recognizing the advantages of blockchain, as its benefits extend beyond cryptocurrency, outweighing perceived complexities.
While the financial industry traditionally lags in adopting emerging technology, the adoption of blockchain is expected to accelerate in 2025. The technology's appeal spans beyond instant, cost-effective payments, offering increased levels of transparency that can revolutionize areas such as credit risk analysis, compliance reporting, and regulatory alignment.
Blockchain's impact on financial services extends globally, particularly in developing nations. Examples include KitePesa in Uganda enabling swift funds transfers through a BSV-powered stablecoin and Centbee's remittance product in South Africa, which has reduced funds transfer time from three days to minutes using the Centi stablecoin.
Despite vast opportunities for blockchain in finance, adoption presents challenges such as regulatory hurdles, implementation costs, and the industry's aversion to change. However, researchers project a steady growth, with Zion Market predicting a potential value of $80 billion by 2032.
Tagged: Bitcoin SV, Blockchain, BSV, Finance, Quadient, Sarah-Jayne Martin