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CFO Insights — Unleashing blockchain in finance

Published on: Mar 07, 2019

For blockchain, the future is now.

In Deloitte’s 2018 global blockchain survey, 74 percent of the respondents reported that their organizations see a “compelling business case” for using blockchain technology. Fueling that interest is a growing awareness of the value blockchain can drive as a platform that integrates operational processes, such as supply chain, customer/channel operations, and service with finance processes. In doing so, the technology may replace today’s siloed approach to transaction processing, with its multiple handoffs and time-consuming data entry and reconciliations.

In addition to driving significant efficiencies and cycle-time reductions, blockchain provides full end-to-end transparency across operations and finance, enabling predictive operational insights and opportunities to optimize working capital. Little wonder that a recent report in Deloitte’s “Crunch time” series points out that “Blockchain has the potential to reshape processes that are defined inside finance, primarily because of its cost and control benefits.”

Now is the time for CFOs to act. In Deloitte’s global blockchain survey, more than two-thirds of respondents say their companies will lose a competitive advantage if they do not adopt blockchain.

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