Deloitte’s annual global survey of blockchain found that 76% of financial experts believe digital assets “will serve as a strong or direct alternative to Fiat currencies over the next 5-10 years.”
Deloitte is in the “big four” of audit firms, along with KPMG, EY and PwC. The company has explored blockchain over the past four years. The 2021 study is the first to detail the commercial activities made possible by blockchain.
The company surveyed more than 1,000 financial experts in Brazil, China, Hong Kong, Japan, Singapore, South Africa, the UAE, the United Kingdom and the United States. March Dec April 24-April 10, during the heyday of the cryptocurrency market this year.
81% agreed that the technology was “widely scalable and widely accepted.” 73% believe their companies should promote blockchain and digital assets, and will lose their competitive advantage if they do not adopt the technology.
KPMG, Deloitte, EY and PwC’s blockchain and cryptography plans
But it wasn’t just roses and Moonlight.
65% of financial experts see the existing financial infrastructure as one of the biggest barriers to digital asset adoption. While 63 percent thought cybersecurity was another hurdle, 60 percent saw regulators ‘ hurdles.
These fears are not surprising, given that the legal framework and technical infrastructure are still unable to keep up with cryptography, an evolving technology created more than a decade ago. And there are many cybersecurity breaches that scare off high-stakes industries.
Despite the challenges, crypto is decidedly popular among financial professionals. When asked how cryptography would be distributed, 43% said their company could eventually use cryptocurrencies as a payment method, and 45% said they would tag their assets. 44 percent said cryptography would allow their institutions access to decentralized finance, a range of financial applications not related to storage
