Nearly 20% of attendees at this year’s Money20/20 conference in Las Vegas believe that blockchain technology will have the greatest impact on the financial services space over the next three to five years.
Capturing 19% of the responses, blockchain technology surpassed the Internet of Things and artificial intelligence, which garnered 17% and 9% of the vote, respectively. In total, 53% said that big data analytics and alternative payments would have the most impact by 2020.
“Respondents within the investment, media, government and consultant business were more likely to rank blockchain higher than those in payments and financial services or mobile and retail businesses,” the report reads.
The findings are the result of a survey of 151 conference attendees conducted by Capital One, the ninth largest US bank by deposits and a recent participant in blockchain technology startup Chain’s $30m Series A funding round.
Elsewhere, blockchain technology ranked favorably in a question on the future of financial security, with 17% of respondents indicating it will have the biggest impact on payments fraud prevention over the next three to five years.
Here, blockchain technology was edged out by biometrics (28%) and tokenization (27%), though it garnered more responses than EMV (14%) and facial recognition (12%).
The survey comes amid growing public interest in blockchain technology among major payment processing firms.
Present at Money20/20 were Visa and MasterCard, both of which made announcements in the blockchain space, the former debuting a proof-of-concept for blockchain insurance contracts and the latter investing in industry fund Digital Currency Group.
Capital One – Money2020 Survey – Fact Sheet (1)
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