Talent shortage hindering blockchain implementation

Survey finds just 6% of firms plan to support training to deal with lack of blockchain talent.
By Hayley McDowell
A major hindrance to blockchain’s application across businesses is a lack of talent capable of implementing it, according to a recent survey.

A poll of 200 senior level professionals – carried out by Synechron and TABB Group – found almost 40% of firms do not currently have enough talent capable of bringing blockchain to the business.

However, just 6% said they would support training and 23% said they would reallocate resources to deal with the problem.

Synechron explained 2017 will continue to be a year of blockchain experimentation and the appetite for banks to work together and leverage the technology will remain a key theme.

“It is the uncertainty of future regulations that could be prompting inaction or staving off [blockchain] innovation,” Synechron said.

Chief executive officer at Synechron, Faisal Husain, added: “2017 will be a year where technology is asked to offer tangible business value at an enterprise level.”

The survey also found 29% view impending regulation around technologies like artificial intelligence and blockchain as a priority.

European regulation MiFID II was listed as the top priority for the majority (43%) of the global respondents, with 30% citing Dodd-Frank.

Data management was also cited as a top priority by 14%, closely followed by system integration as firms look to update systems to handle liquidity risk management, counterparty risk and collateral management.