81% of finance execs say blockchain has gone mainstream: Survey
Blockchain, the underlying expertise of cryptocurrencies like Bitcoin (BTC), has already gained mainstream reputation, based on world finance executives polled by Big Four auditing agency Deloitte.
According to Deloitte’s 2021 Global Blockchain Survey, 81% of the monetary companies trade (FSI) executives imagine that blockchain expertise is “broadly scalable” and has achieved mainstream adoption.
Released final Friday, the report queried 1,280 FSI professionals primarily based in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States. The survey lined normal FSI cohort respondents who had “at least a general understanding” of blockchain and cryptocurrencies, in addition to “FSI Pioneers,” or these respondents who’ve already deployed blockchain instruments into their enterprise or manufacturing.
Some 73% of survey respondents expressed considerations that their agency would lose a chance for aggressive benefit if they don’t undertake blockchain or digital belongings. Among the 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 belongings, 71% of survey respondents indicated that cybersecurity is the best barrier to wider digital asset adoption. Among the FSI Pioneers, 73% of respondents specified regulatory limitations because the principal impediment hindering crypto adoption. Among total respondents, 65% described the present legacy monetary infrastructure as the best obstacle to mainstream blockchain adoption.
“In the last year, we’ve seen a significant shift in how the global financial ecosystem is thinking about new business models fueled by digital assets, and how this is playing a meaningful role in financial infrastructure,” Deloitte Consulting principal Linda Pawczuk said. The survey showed that the foundation of banking has been “fundamentally outlived,” she added.
According to Deloitte’s last year’s Global Blockchain Survey, nearly 40% of respondents from major global technology companies had blockchain in production, with almost 90% believing that blockchain would become more important in the next three years.
Additional reporting by Samuel Haig.