Deloitte’s Global Blockchain Survey 2021 has revealed that digital assets are becoming a major priority for the financial services industry (FSI).
The survey, which polled a sample of 1,280 respondents worldwide, found that 76 per cent of respondents thought that digital assets will be “a strong alternative to or replacement for fiat currencies in the next five to ten years.”
The number was considerably higher amongst ‘FSI Pioneers,’ the name given by Deloitte to the subset of FSI respondents whose organisations have already adopted blockchain solutions or digital assets.
All FSI pioneers surveyed agreed that digital assets would be important to their industry in the next two years while 94 per cent saw digital assets as a strong alternative or replacement for fiat currency.
Linda Pawczuk, Richard Walker and Claudina Tanco, who authored the report, said: “Global FSI leaders see digital assets- and their underlying blockchain technologies – as a strategic priority now and in the near future.”
More than three quarters of respondents said that their organisation was likely lose an opportunity for competitive advantage if they fail to adopt blockchain and digital assets and 80 per cent agreed that cryptocurrency would create new revenue streams for the industry.
While confidence in digital assets was high among respondents, the majority of companies identified regulatory barriers as an obstacles to widespread acceptance of digital assets with cybersecurity, financial infrastructure and privacy also presenting challenges.