According to a survey conducted by TD Bank, 90 percent of the finance professionals believe that the blockchain and distributed ledger technology will positively affect the payments industry and why they think this is going to happen we are going to find out in the latest blockchain news of today.
TD Bank which is a branch of the Canadian Multinational Toronto Dominion Bank, involved about 400 industry professionals at the 2018 AFP conference that happened back in 2018 in Chicago and according to the survey conducted there, only 14 percent of the respondents said that already have training strategies for blockchain.
This means that nearly 45 percent of the respondents said to have a training strategy for analytics and data, and about 26 percent of artificial intelligence. 29 percent of the respondents believe that the blockchain and DLT have a massive ability to enhance audit trails.
In comparison, 22 percent believe that the blockchain is speeding up the payment process and 21 percent think that it is actually improving the cross-border payment system and reducing fraud.
The Head of Corporate Products and Services at TD Bank Rick Burke explained:
‘’The varied responses indicate that the technology’s specific capabilities and implications are still a great unknown for many finance professionals.”
Other reports show that about 40 percent of the institutional investors think that blockchain technology is the biggest invention since the internet. A similar survey also shows that 63 percent of institutional investors believe that many of the senior executives at different businesses have almost zero understanding of the technology.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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