81% of finance execs say ‘blockchain now mainstream’ – Survey
Deloitte’s newest research reveals that blockchain, the underlying technology of cryptocurrencies, has gained mainstream popularity, leading to higher adoption rates among global industries.
The report by Big Four international firm, Deloitte, released on Friday, has recorded that 81 per cent of finance industry’s executives have described blockchain technology as “broadly scalable” and is witnessing mainstream adoption at a faster pace than before.
The Deloitte report has collated data gathered from interviewing 1,280 FSI professionals based across the globe, including Brazil, Hong Kong, China, Japan, Germany, South Africa, Singapore, the United Kingdom, the UAE and the United States. The study combined inputs from general FSI cohort participants having a “general understanding” of blockchain technologies and crypto currency tokens, as well as “FSI Pioneers” who have implemented blockchain technology into their business services.
The report notes 73 per cent of respondents sharing their concerns about their firm losing out on an attractive opportunity for a competitive edge if they did not adopt blockchain and digital assets soon. Among the “FSI Pioneers” subset, 97 per cent of participants stated that blockchain applications are “extremely crucial” for their business for them to stay competitive in the business.
Further, 71 per cent of the respondents have indicated in the report that they consider “cybersecurity” as the “greatest barrier” to establishing a wider adoption of digital assets and cryptocurrencies in the mainstream financial markets. Among the FSI Pioneers, 73 per cent of participants singled out “regulatory barriers” as the primary obstacle hindering crypto adoption.
Speaking about her experience with the report, Deloitte’s Consulting Principal, Linda Pawczuk, said a “significant shift” has been witnessed in the functioning of the global financial ecosystem where improved business models “fueled by digital assets” are playing a “meaningful role in financial infrastructure.”
Pawczuk added that the foundation of financial institutions has been “fundamentally outlived.”
