A new survey shows that senior executives at funds still don’t understand blockchain.

The Global Blockchain Business Council and Janus Henderson Investors have released a new survey this week. The two firms reveal that executives at asset management firms still struggle to understand blockchain technology. The groups interviewed 50 buy-side organizations. From that survey, just 24% of respondents stated that they had an above-average knowledge of blockchain technology.

In addition, 82% of respondents stated that the industry has an average or poor approach to blockchain. A lack of technical expertise topps the list of challenges ahead for the fund management industry when it comes to adopting blockchain.

Global Blockchain Business Council Survey Results

The survey revealed that just 10% of firms are looking to recruit an expert in blockchain. However, 70% of these companies see blockchain as an important factor in their business in the next five years. That said, roughly half of survey participants see blockchain as a key differentiator for their business in the future.

Meanwhile, when asked about potential benefits, the respondents centered around two key things: Settlements and cost savings.

Roughly 76% of participants said that the industry would experience improved clearing and settlements. Meanwhile, 73% said that the business would benefit from improved operational efficiencies and lower costs. Currently, industry estimates around proposed savings from blockchain register around $2.7 billion per year.

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