“Big Four” accounting firm Deloitte has published its annual global blockchain survey. Findings are that 76% of finance professionals globally believe that digital assets “will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5–10 years.”
Deloitte has been conducting a blockchain survey for the last four years, with its latest edition also covering commercial activities enabled by blockchain.
The survey was conducted during the peak of the first leg of the latest bull market. Between March 24 and April 10 of this year, over 1,200 finance executives based across the world were asked their views. Respondents included professionals coming from China, Hong Kong, South Africa, the United Arab Emirates, the United Kingdom, and the United States.
Close to 1,300 executives representing 10 locations weighed in on their organization’s approach to #Blockchain and #DigitalAssets in our 2021 Global Blockchain Survey. See what we learned in our new report. https://t.co/4CpGyS6fXg
— Deloitte (@Deloitte) August 20, 2021
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Commenting on blockchain technology, 81% of respondents shared that it is “broadly scalable and has achieved mainstream adoption.” 73% of professionals believed that their business should be adopting blockchain and venture into digital assets. They all agreed that their companies would lose a competitive advantage if they do not adopt the technology.
The global citizens were also asked about potentials barriers to adoption of blockchain and digital assets.
The existing financial infrastructure was named the biggest obstacle to the acceptance of digital assets according to 65%. Cybersecurity and regulation were also seen as obstacles by 63% and 60% of respondents.
While financial and legal frameworks are trailing the technological and practical advances of blockchain and digital assets, the finance professionals are strongly drawn to crypto. When asked how crypto would be deployed, 43% were positive that their business will eventually adopt cryptocurrencies as a payment option. 44% said crypto would allow their institution to access decentralized finance.
Deloitte’s report ends by stating that there is no way around digital assets:
“Participation in the age of digital assets is not an option – it is inevitable. Leaders are left only to decide how and when their organizations should start – and how to use digital assets and the new global infrastructure to their greatest advantage.”
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Source: Igaming
