BTC Wires

21% of US Companies Willing to Invest in Blockchain For Compliance

BTC Wires: In a survey conducted by AxiomSL, it was revealed that 21 percent of US company top bosses said that their companies were willing to invest in blockchain. This is a significant rise compared to last year, when the percentage stood at just 8%. AxiomSL is a compliance reporting tool specialist serving the banking and financial sectors. The survey was conducted upon people attending their events in the month of June at three locations- New York, Sydney and Singapore. With this sample population, the figure of honchos interested in investments for compliance came to 21%. These were a part of the senior level risk and regulatory executives annual survey restricted to the Americas and Asia-Pacific (APAC) areas.

However, the executives clearly had greater faith in other technologies such as data analytics, which was preferred by 87% of American respondents. Data analytics was so favoured by 74% of APAC attendees. Data mining and analysis was second in line, with 59% vote from the Americas and 63% from the entire APAC region.

54% of American executives were willing to invest money in artificial intelligence and machine learning, as opposed to 27% in 2017. An equal percentage of people were found willing to commit money to cloud computing in APAC. These figures find support in the fact that 52% of Americans also plan to increase investment budget this year as do 61% of APAC region executives.

AxiomSL founder and CEO Alex Tsigutkin stated that the executives are currently struggling with 3 main challenges, namely; velocity, veracity and volume: often dubbed as the “3Vs”.

He believes that innovation is the way to go if one wishes to successfully tackle these three leading problems. It is essential to adapt to changes in regulation and monitoring and continue to innovate, no matter what. Innovation would involve greater speed in executing larger sets of data, ensuring traceability of information and flexibility in information structures, he added. The first requirement is the creation of an environment that is conducive to creative developments in the field and that allow firms to harness the potential and expertise the existing professionals in the industry have.