AxiomSL conducted a survey assessing interest among U.S. companies to invest in blockchain technology for compliance purposes. The survey found that 21 percent of bosses in companies were interested in the endeavor, a significant increase from last year’s 8 percent.
The platform behind the survey is a compliance reporting tool specialist that often surveys companies in the banking and financial sector and it conducted the survey at people attending industry events in June. Although the platform surveyed a small sector of the population, those interested has certainly increased and further, many of the individuals who participated in the survey were their company’s decision makers when it comes to adopting such technology.
The current mechanism for compliance assessment is data analytics. Currently, 87 percent of American respondents preferred analytics. Further, about 54 percent of American executives were open to investing funds in artificial intelligence and machine learning, a figure which increased from last year’s 27 percent.
Alex Tsigutkin, the CEO and Founder of AxiomSL stated that company executives are currently faced with three challenges: velocity, veracity, and volume.
According to him, innovation is one of the best methods to address such issues. It is also important to adapt to changes in regulation and monitoring by continuing to innovate. Those who practice innovation tend to notice more efficiency when it comes to executing larger sets of date, which ensures traceability of information and flexibility for information structures. With an environment open to development, firms can harness their full potential and expertise in their industries.