51% of finance professionals to use blockchain-powered smart contracts within the year
More than half of finance professionals are set to implement the use of smart contracts incorporated in blockchain technology within the next 12 months, according to new research from Onguard.
If accurate, this number would see a much more widespread use of smart contracts in financial operations, with 19% currently working with blockchain integrated smart contracts.
The report reflects a growing confidence in blockchain, with 94% of the 1,000 finance professionals surveyed stating that they recognise that blockchain will accelerate the order to cash process.
“While the exact uses of blockchain are not yet defined, the level of activity using this form of technology is only going to increase,” said Bert van der Zwan, CEO at Onguard.
Further, financial organisations are already using blockchain in other ways, as almost two thirds are using the technology to automate admin processes, whilst 35% have invested in cryptocurrencies such as Bitcoin,
Meanwhile, more than a quarter believe that blockchain has the ability to enhance data security.
“Businesses are already benefitting from enhanced data security, but I expect that this is just the beginning of a blockchain revolution with nearly two thirds of organisations already preparing an initiative related to blockchain,” said Bert van der Zwan.
For more information, see the full blockchain whitepaper from Onguard.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”