Regardless of the financial service industry is bullish on blockchain and crypto, respondents nonetheless outlined cybersecurity as the best hurdle to mainstream adoption.
Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), has already gained mainstream recognition, based on international finance executives polled by Huge 4 auditing firm Deloitte.
In response to Deloitte’s 2021 Global Blockchain Survey, 81% of the financial services industry (FSI) executives believe that blockchain technology is “broadly scalable” and has achieved mainstream adoption.
Released last Friday, the report queried 1,280 FSI professionals based in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the UK and the US. The survey lined normal FSI cohort respondents who had “a minimum of a normal understanding” of blockchain and cryptocurrencies, in addition to “FSI Pioneers,” or these respondents who’ve already deployed blockchain tools into their enterprise or production.
Some 73% of survey respondents expressed concerns that their agency would lose an opportunity for the aggressive benefit if they don’t undertake blockchain or digital assets. Among the many FSI Pioneers subset, as many as 97% of respondents indicated that blockchain functions are essential for his or her enterprise to remain aggressive.
Despite the survey pinpointing the FSI’s bullish stance on blockchain and digital assets, 71% of survey respondents indicated that cybersecurity is the best barrier to wider digital asset adoption. Among the many FSI Pioneers, 73% of respondents specified regulatory boundaries because the principal impediment hindering crypto adoption. Amongst total respondents, 65% described the prevailing legacy financial infrastructure as the greatest impediment to mainstream blockchain adoption.
“Within the last year, we’ve seen a major shift in how the global financial ecosystem is thinking about new business models fueled by digital assets, and the way that is enjoying a meaningful role in financial infrastructure,” Deloitte Consulting principal Linda Pawczuk stated. The survey showed that the foundation of banking has been “fundamentally outlived,” she added.
In response to Deloitte’s last 12 months’ International Blockchain Survey, almost 40% of respondents from main international technology companies had blockchain in production, with nearly 90% believing that blockchain would turn into more essential within the next three years.
