Despite being part of financial discussions for over a decade, many professionals remain cautious and question the practical applications of blockchain.
Uncertainty About Practical Applications
Blockchain promises faster settlements, stronger security, and improved transparency; however, applying these in banking and operations remains complicated. A 2021 APQC survey identified key hurdles including lack of industry-wide adoption, skill gaps, trust issues, and financial constraints.
Doubts About Necessity
Some finance professionals feel that blockchain may not be necessary at all. The same APQC survey revealed trust issues and lack of understanding as major reasons for slow adoption, making it hard to justify overhauling systems that still function.
Lack of Understanding
The biggest obstacle seems to be a lack of understanding. A 2024 study indicated only 13.7% of financial advisers discuss cryptocurrencies with clients, despite rising client interest. Organizations like the AICPA are trying to establish frameworks for blockchain compliance and auditing, but a standard playbook is still lacking.
The article aims to address these skepticisms and ultimately provide answers about how blockchain fits into finance in 2025.
