‘Big 4’ accounting firm Deloitte announced the results of its ‘2021 Global Blockchain Survey’ on the 19th of this month.
The survey was conducted between 24 March and 10 April 2021 with a sample size of 1,280 senior executives and practitioners in 10 countries namely: Brazil, Mainland China, Germany, Hong Kong SAR, South Africa, Singapore, the United Arab Emirates, The United States, and the United Kingdom.
The companies constituted were from various sectors such as technology, media, telecommunications, life sciences and healthcare industries, and the government and public sectors. Respondents from the Financial Services Industry were called ‘Pioneers’.
Positive data
The report revealed that over 76% of the respondents believe that blockchain-based cryptocurrencies will replace fiat currencies in the next 5-10 years. The figure increases to 96% when taken into account the ‘FSI pioneers’ who have already employed blockchain solutions in their business activities.
81% of the target audience recognized blockchain as a mainstream technology. The figure jumped to 84% of the FSI respondents, and 96% of the FSI Pioneer respondents.
Almost two-thirds of the respondents believed that not utilizing blockchain technology would reduce the competitiveness of organizations. The figures for FSI and FSI pioneers were at 77% and 97% respectively.
Meanwhile, 80% of FSI respondents and 93% of FSI Pioneer respondents believed that blockchain technologies would lead to new sources of revenue.
100% of the Pioneer respondents believed that digital currencies would be an important component for the financial industry’s growth in the next two years. The figures stood at 78% and 79% for the overall and FSI respondents respectively.
Concluding the study, Deloitte pointed out that banks are under immense pressure to accommodate cryptocurrencies as the transition from Fiat to Crypto seems inevitable. They would constantly face challenges in liquidation that concern the regulators as well.
The report noted:
“The unprecedented speed at which infrastructure develops and the constant need for flexibility are spurring many industries to find their way in this new era of digital assets.
This is especially true in banking, where the evidence of change is manifest and the level of change substantial, even as the ultimate impact of that change is still unfolding.”