An equally large percentage of business executives believe safety and regulation remain the main barriers to greater adoption, according to a Deloitte survey
The financial services industry (FSI) views digital assets and the underlying blockchain technology as a strategic priority for the sector, a new Deloitte survey shows.
The survey, which was attended by 1,280 executives and finance professionals, found that around 80% of all respondents believe that their companies are digital assets within months of fully adopting them. The group also included roughly 81% of executives who believe that scalability within the blockchain tech space is driving them towards mainstream adoption.
While the proportion of FSI executives overall who were optimistic about the positive impact of blockchain was high, when asked about future business prospects, it rose to 97 percent.
According to “Global Blockchain Survey 2021”, almost all leading companies in the financial services industry believe that the adoption of crypto and blockchain technology will give old companies a competitive advantage over those that are lagging behind the trend.
Among the areas and use cases that FSI executives believe will see accelerated development are projects that provide custody services, new payment channels, and investments.
According to the study, these three sectors will see revolutionary blockchain projects, with 45% of respondents highlighting key developments in the financial custody space. Around 42% say companies need to adopt new payment options, and nearly 41% believe that established asset managers need blockchain solutions that are tailored to investment portfolios.
But while financial executives are broader optimistic about the use of digital assets and blockchain technology, a large percentage also believe that much remains to be done on security and regulation.
Of those surveyed, around 60% emphasized that regulation is the biggest obstacle to the general acceptance and use of crypto assets. Around 70% of respondents said security concerns are a top priority, with most challenges related to cybersecurity and other forms of malicious online attacks.