Survey finds 81% of financial-industry executives recognise blockchain potential

Of 1,280 Deloitte executives surveyed in the financial services industry, 1,037 agreed that blockchain has gone mainstream. The main obstacle to further progress cited by respondents was cybersecurity concerns.

How are more than 1,200 executives representing 10 locations approaching the rise of #DigitalAssets? Find out in Deloitte’s 2021 Global Blockchain Survey report.https://t.co/dKCA4Znt1w pic.twitter.com/Sl8CQGgtwk

— Chamber of Digital Commerce (@DigitalChamber) August 19, 2021

In a global study conducted by one of the world’s leading auditors on blockchain, senior executives from Brazil, Germany, China, Hong Kong, Japan, Singapore, South Africa, the UAE, the United Kingdom and the United States participated. The survey was conducted from March 24 to April 10, 2021.

The sample included respondents with knowledge of blockchain and cryptocurrencies, or who had already integrated the technology into their business.

Seventy-three percent of respondents said they would fall behind competitors if adoption of distributed ledger technology (DLT) is not pursued. Among those using blockchain technology, only 3% doubted that such applications would help preserve market share.

The most attractive niches cited by respondents were custodial storage (45%), payment services (42%), diversified investment portfolios (41%), access to DeFi (39%), and asset tokenisation (39%).

Among the barriers to further adoption of the technology, in addition to cybersecurity concerns, respondents cited regulatory hurdles (63%) and aging financial infrastructure (62%).

“In 2020, we saw a significant shift toward new business models based on digital assets. The latest study shows that the foundations of banking are morally outdated. Industry players should reposition themselves and find innovative ways to drive economic growth,” said Linda Pavchuk, a Deloitte spokesperson.

As reported in Crunchbase, in 2021 crypto companies 3% of global venture capital investment.

Earlier, The Block analysts calculated the volume of funding in the blockchain and digital assets industry for the second quarter. By their estimates, the figure rose by 90%, to a record $6.2 billion.

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