According to research by Deloitte, blockchain and cryptocurrencies have great potential in business, but there are obstacles to their adoption.
Deloitte’s annual global survey of blockchain and cryptocurrencies among financial professionals showed that 76% of respondents believe that digital assets “will become a strong alternative or complete replacement for fiat currencies in the next 5-10 years.”
Deloitte is one of the “big four” consulting firms, along with KPMG, EY and PwC. The company has been conducting a blockchain survey among financial institutions for the past four years. The 2021 survey is the first study to directly look at commercial activities using blockchain.
The company’s researchers interviewed over 1,000 financial professionals from Brazil, China, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States. The survey was conducted from March 24 to April 10, during a period of rapid growth in the cryptocurrency market this year.
About 81% of respondents agreed that the technology is “widely scalable and widespread.” That being said, 73% believe their employers should add support for blockchain and digital assets, or they will lose a competitive edge.
However, 65% of respondents cite the current financial infrastructure as one of the biggest barriers to digital asset adoption. According to 63% of those surveyed, cybersecurity is another obstacle, and 60% noted regulatory risks.
Despite the problems, cryptocurrencies are very popular among the professional financiers who took part in the survey. According to 43% of respondents, their companies can start accepting payments in cryptocurrencies, and 45% will tokenize their assets. About 44% of respondents said cryptocurrencies would allow their institution to access decentralized finance.
According to a Deloitte poll last November, many financial institutions were planning to increase spending on blockchain adoption in 2021.
