More than half of 200 board level executives in the UK are planning blockchain initiatives, but less than one in 10 believe they have the required skill sets in place, according to survey findings released Friday by MBN, a search and recruitment consultancy.

In addition, 23% see lack of regulation as the biggest barrier to adoption of blockchain.

The executives also weighed in on the three top non-fintech planned applications for blockchain: 52% cited smart contracts, 44% cited supply chain transformation and 39% cited intellectual property protection.

When will blockchain become mainstream for business? Executives expect that to take place in three to five years.

Interestingly, the MBN study found that more than 40% of non-IT/data senior executives admit to not fully understanding blockchain technology.

“What is clear from the survey is that the conversation around blockchain is changing rapidly and we’re only now starting to understand this technology’s real, practical and full potential beyond the obvious financial applications,” MBN Chair Paul Forrest said. “While it is encouraging that so many businesses are planning blockchain initiatives, it’s also clear that we need to be building a better foundation of skills if we are to keep ahead of the curve.”