81% of financial executives say blockchain has become mainstream: survey

The underlying technology of blockchain, Bitcoin and other cryptocurrencies (BitcoinAccording to global financial executives surveyed by Deloitte, the four major audit firms, it has become mainstream.

According to Deloitte’s 2021 Global Blockchain Survey, 81% of financial service industry (FSI) executives believe that blockchain technology “has extensive scalability” and has achieved mainstream adoption.

Publish Last Friday, the report asked 1,280 FSI professionals from Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States. The survey covers general FSI cohort respondents who have “at least a basic understanding” of blockchain and cryptocurrencies, as well as “FSI pioneers” or those who have deployed blockchain tools into their business or production .

Approximately 73% of respondents expressed concern that if they do not adopt blockchain or digital assets, their company will lose the opportunity to compete. In the FSI Pioneers subset, as many as 97% of respondents said that blockchain applications are critical to their business competitiveness.

Source: Deloitte

Although the survey clarified FSI’s bullish stance on blockchain and digital assets, 71% of survey respondents said that cybersecurity is the biggest obstacle to the wider adoption of digital assets. In FSI Pioneers, 73% of respondents pointed out that regulatory barriers are the main obstacle to the adoption of cryptocurrencies. Among the overall respondents, 65% described the existing traditional financial infrastructure as the biggest obstacle to mainstream blockchain adoption.

Related: Bitcoin security is still a concern for some institutional investors

Linda Pawczuk, head of Deloitte Consulting, said: “Last year, we saw a major shift in the way the global financial ecosystem thinks about new business models driven by digital assets, and how this can play an important role in financial infrastructure.” She added , The survey shows that the foundation of the banking industry is “fundamentally outdated.”

According to Deloitte’s global blockchain survey last year, nearly 40% of respondents were from major global technology companies There is a blockchain in production, Nearly 90% of people believe that blockchain will become more important in the next three years.

Additional reporting by Samuel Haig.