Blockchain technology that underpins bitcoin has become the most talked about topics. Major banks and tech companies have undertaken research and investing billion to unlock the potential of the technology.

However, a new survey report from PricewaterhouseCooper (PwC), one of the “Big Four” companies, suggests that blockchain technology has still a long way to go before it can truly disrupt the financial system. The report titled, “Blurred Lines: How FinTech is shaping Financial Services” assesses the rise of new technologies in the FS sector, the potential impact of FinTech on market players and their attitudes to the latest technological developments.

The study surveyed 544 respondents from 46 countries, including Chief Executive Officers (CEOs), Heads of Innovation, Chief Information Officers (CIOs) and top-tier managers involved in digital and technological transformation.

According to the report, there is a low level of familiarity with the blockchain technology: 83% of respondents are at best “moderately” familiar with it and only very few consider themselves to be experts.

"Compared to the other trends, blockchain ranks lower on the agendas of survey participants. While a majority of respondents (56%) recognise its importance, 57% say they are unsure or unlikely to respond to this trend”, the report said. "This lack of understanding may lead market participants to underestimate the potential impact of blockchain on their activities”.

However, it added that highest level of familiarity with the technology was seen among the fund transfer and payments institutions, with 30% of respondents being “very familiar” with blockchain, meaning they are relatively confident about their knowledge of how the technology works.