Blockchain is of increasing interest to businesses but also remains clouded in ambiguity.
Many associate blockchain with cryptocurrencies like Bitcoin, but the technology is much more and different than that. Blockchain solutions can be utilised for many types of transactions in trade and commerce, not only those associated with digital currency. These ‘business blockchains’ should be the primary focus for CFOs.
A new report on Blockchain for Finance by Deloitte, explores what CFOs need to know about blockchain that businesses everywhere are talking about. Here are key tips for success:
Pay attention to skeptics and evangelists
Blockchain adoption is accelerating because it offers benefits other technologies cannot easily replicate. To cite one example, a consortium of retailers, producers and freight providers is collaborating to ensure the integrity or authenticity of goods such as organic produce and prescription drugs.
CFOs should develop a reading list to gather information from both evangelists and skeptics. The landscape for blockchain applicability and use cases is moving fast in all sectors. Results will differ, and points of view will vary. Learning from both sides of this equation will help you come to your own conclusion.