Financial industry to adopt blockchain in 2025: report [Video]

Blockchain is one of the key technologies that will shape the financial services industry in 2025, business automation firm Quadient notes in its projection for the future of finance and accounting.

Blockchain’s role in finance has evolved drastically over the past decade. Initially, it was viewed as a wholesale replacement for the existing rails, but stakeholders are now integrating the technology to improve legacy systems. Quadient financial automation director Sarah-Jayne Martin says the adoption will accelerate in 2025 as more firms utilize blockchain to log and analyze their transactions.

“In 2025, more finance teams will turn to blockchain for accurate financial transaction logging, reporting and analysis…there is a growing awareness of its advantages. In part, this is due to an acceptance that the benefits of blockchain extend beyond cryptocurrency and outweigh the perceived complexities,” she stated.

The financial industry usually lags behind other sectors in adopting emerging technology. For instance, it still relies on SWIFTfor …