Blockchain is the underlying technology that powers cryptos like Bitcoin (BTC). According to the global finance executives surveyed by Big Four auditing firm Deloitte, the technology has already gained mainstream popularity.
Based on Deloitte’s 2021 Global Blockchain Survey, up to 81% of the financial services industry (FSI) executives think that blockchain technology is ‘widely scalable’ and has achieved mainstream adoption. Despite the finance service sector being bullish on crypto and blockchain, the respondents still outlined cybersecurity as the biggest challenge to mainstream adoption.
Released on August 20, the report asked 1,280 FSI professionals based in Japan, Singapore, Brazil, the United Arab Emirates, China, Germany, Hong Kong, Singapore, the United States, and the United Kingdom. This survey covered general FSI cohort respondents who had “at least a general understanding” of cryptocurrencies and blockchain. It also featured “FSI Pioneers,” or those respondents who have already installed blockchain tools into their business and production.
Up to 73% of the surveyed respondents expressed their concerns that their company would lose a chance for competitive advantage in case they do not adopt blockchain or digital assets. Among the sampled FSI Pioneers subset, up to 97% of the respondents said that blockchain applications are critical for their businesses and firms to remain competitive in the current world.
Despite this survey revealing the FSI’s bullish stand on blockchain and digital assets, up to 71% of the survey respondents said that cybersecurity is the biggest barrier to massive digital asset adoption. Among the FSI Pioneers, 73% of the respondents specified that regulatory barriers are the main obstacles that are currently hindering crypto adoption.
Among the general respondents, up to 65% said that the existing legacy financial infrastructure is the biggest impediment to mainstream blockchain adoption. Deloitte Consulting principal Linda Pawczuk said:
“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.”
This Deloitte survey showed that the foundation of banking has been “fundamentally outlived.” Based on Deloitte’s 2021’s Global Blockchain Survey, almost 40% of the respondents from the major global technology firms had blockchain in production, with nearly 90% thinking that blockchain would become more important in the coming three years.