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21% US enterprises to invest in blockchain for compliance

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AxiomSL specializes in compliance reporting tools for banks and other financial services enterprises. The company surveyed attendees at their events in June in New York, Singapore, and Sydney. Twenty-one percent of US executives said their company planned to invest in blockchain for compliance, compared to 8% in 2017.

The results were from an annual survey of senior-level risk and regulatory executives in the Americas and Asia-Pacific (APAC) regions. The company conducted the survey in June in New York, Singapore, and Sydney.

Other technologies received a bigger vote of confidence. Unsurprisingly over the next three years the vast majority plan to invest in data analytics: 87% of Americas and 74% of APAC respondents. Data mining and analysis came second with 59% from the Americas and 63% of APAC.

In the Americas, 54% of companies plan to commit money to AI and machine learning, compared to 27% last year. The same number, 54% (2017 24%) of companies, plans to invest in cloud computing in the APAC region.

The figures are only relevant when considering if there’s budget to invest in technologies. In the Americas, 52% of respondents plan to increase investment this year (48% 2017). Growth was more significant in the APAC region at 61% (44% 2017).

Alex Tsigutkin, CEO and Founder of AxiomSL said: “Leaders today struggle to cope with the ‘3Vs’ of data challenges: velocity, volume and veracity.”

“Innovation is the key driver that will enable financial institutions to conquer the challenges of the three ‘Vs,’ adapt quickly to regulatory and management changes, and continue moving forward,” Tsigutkin continued.

“Innovation is enabling faster execution of large datasets, greater data traceability, and flexible data structures. The next step for financial institutions is to create an innovation-friendly environment that maximizes the potential of data professionals’ expertise to enhance insights and respond to new opportunities.”