Blockchain Won’t Be Dominant Payments Platform In Ten Years – Dun & Bradstreet Surveybr>
Dun & Bradstreet has released new data today which claims that only one-quarter (26%) of finance professionals believe blockchain technology and smart contracts will be the dominant B2B payment method by 2028.
The largest group (44%) believes online payment platforms and e-checks will be most popular, followed by credit cards (17%). Of those who did select blockchain technology and smart contracts, only 20% work for companies who already use blockchain for B2B payments.
The poll surveyed finance professionals at the AFP 2018 Treasury & Finance Conference in Chicago, IL. Respondents were asked about their predictions for the future of payments technology. Nearly half (44 percent) of professionals believe that B2B payments will be dominated by online payment platforms or e-checks by 2028; this is followed by 26 percent choosing blockchain technology and smart contracts. Credit cards fell behind these newer options, but 17 percent of those surveyed have faith that cards will continue to rein supreme in B2B payments a decade from now.
As follow-up, Dun & Bradstreet asked professionals if their company had already adopted the technology they selected as the most common B2B payment method in 10 years. Half (49 percent) said yes, and 22 percent say their companies do have a plan to adopt the technology. But, respondents who selected blockchain as the future dominant payment method fell far behind these numbers; only 20 percent work for companies who already use blockchain for B2B payments. The remaining responses were about evenly divided on whether their companies had a plan to adopt blockchain for B2B payments in the future (34 percent) or not (32 percent).
“We’re likely about to see a significant surge in blockchain-enabled B2B payments, though implementation and ease of adoption remain challenging for businesses,” said Dowdell. “Online payment methods are clearly more established, but their evolution in the B2B space – particularly as it relates to issues like cyber-security or payment terms – will be an interesting space to watch.”
The 158 respondents self-reported as working in corporate treasury (59 percent), corporate finance (18 percent), accounting (11 percent), the C-Suite (5 percent), business development (4 percent) and IT (3 percent).