Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), has already gained popularity, according to a global finance manager interviewed by the Big Four accounting firm Deloitte.
According to Deloitte’s 2021 Global Blockchain Survey, 81% of financial services industry (FSI) executives believe that blockchain technology is “largely scalable” and has achieved widespread adoption.
The report, released last Friday, interviewed 1,280 FSI experts based in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States. The survey included general respondents from the FSI cohort who had “at least a general understanding” of blockchain and cryptocurrencies, as well as “FSI pioneers” or respondents who have already used blockchain tools in their business or production.
Around 73% of respondents expressed concern that their company would lose its chance to gain a competitive advantage if it didn’t use blockchain or digital assets. In the subgroup of FSI pioneers, up to 97% of those surveyed said that blockchain applications are critical to their business in order to remain competitive.
Despite the survey showing the FSI’s optimistic stance on blockchain and digital assets, 71% of respondents said cybersecurity is the biggest obstacle to wider adoption of digital assets. Among the FSI pioneers, 73% of respondents named regulatory obstacles as the main obstacle to adopting crypto. Among the total respondents, 65% identified the existing legacy financial infrastructure as the biggest obstacle to mainstream blockchain adoption.
Related: Bitcoin security is still a concern for some institutional investors
“Over the past year we have seen a significant change in the way the global financial ecosystem thinks about new business models powered by digital assets and how this plays a significant role in financial infrastructure,” said Linda Pawczuk, director of Deloitte Consulting. The survey showed that the establishment of the banking industry was “basically outlived,” she added.
According to Deloitte’s Global Blockchain Survey last year, nearly 40% of respondents from large global tech companies had blockchain in production, with nearly 90% saying blockchain would grow in importance over the next three years.
Additional reporting from Samuel Haig.