Blockchain – the system of keeping track of the information and the technology under the hood of cryptocurrencies is said to have gained mainstream attention. This according to Big Four professional services network Deloitte.
Blockchain has everyone’s attention
The firm recently conducted an inquiry dubbed the Global Blockchain Survey where it revealed that 81 percent of the financial services industry (FSI) are in unison in believing that the above-mentioned technology has attained mainstream adoption adding that it is broadly scalable. Deloitte’s survey covered both the general FSI cohort respondents whom they believe to be at least acquainted with blockchain and FSI pioneers that have already rolled out blockchain tools into either their production or business.
The survey also showed that nearly 80 percent of the overall participants stated that digital assets will be very/somewhat significant to their respective industries in the next 24 months. Also, 73 percent of the folks have voiced out their concerns that the company they’re currently in would lose an opportunity for competitive advantage provided that these firms failed to adopt either digital assets or blockchain. The FSI pioneers’ cluster, on the other hand, revealed that 97 percent of them believe that blockchain applications are essential for their firms to have a fighting chance.
Albeit the optimism of the participants about cryptocurrencies, blockchain, and digital assets, their biggest qualm to a broader digital asset adoption is still cybersecurity with 71 percent. 73 percent of the FSI pioneers indicated that regulatory barriers are the main reason that keeps them from adopting crypto. Overall, 65 percent deemed the current legacy financial infra as their biggest hindrance to mainstream adoption of the blockchain.
Deloitte principal’s two cents
In line with this, Principal at Deloitte Richard Walker said that as digital asset disruption rapidly changes the marketplace, global financial services are striving to reinvent themselves, creating businesses to generate new sources of revenue. He added that opportunities for real change in several areas of the global financial markets exist for those players that explore new ways to harness the power of blockchain technology and digital assets to reimagine their business models.
This survey by Deloitte was done between March 24 and April 10 of this year, alongside a sample of 1,280 senior executives and practitioners in 10 locations namely Hong Kong special administrative region, South Africa, mainland China, Singapore, Germany, Japan, Brazil, United Arab Emirates, United Kingdom, and the United States. Moreover, the study was conducted within the overall, FSI overall, and FSI pioneers.
Deloitte has worked with these policymakers and clients on how digital assets and blockchain are shaping the business and government today. In addition, new ecosystems are developing blockchain-based infra and solutions to devise innovative business models and disrupt traditional ones.