This year, Deloitte conducted a study on blockchain and the role that cryptocurrencies will play in financial services. Participants in the study included executives from the financial services industry.
Adoption is gaining momentum
More than three-quarters of respondents in the financial services industry agreed on one point – digital assets will replace traditional fiat currencies in the long run. According to study participants, this will be the case in five to ten years.
BTC and blockchain technology were developed to revolutionize processes in the financial world after our financial system collapsed in 2008. So far, it is more of an ideology. Nevertheless, an impressive 81 percent of respondents thought that Blockchain was already becoming mainstream in 2021. Digital assets, cryptocurrencies and blockchain have the potential to fundamentally change many industries. New processes, ideas or even whole new industries can emerge. Therefore, up to 80 percent of study participants believe that their industry will see entirely new opportunities for profit and revenue from blockchain-based solutions.
Not using a blockchain will be a disadvantage
73 percent of respondents believe that their organization will lose a key competitive advantage if they do not incorporate blockchain technology or digital assets into their business processes. 80% of financial managers also agreed that cryptocurrencies or digital assets would play an important role in their industry over the next 24 months. In addition, technology brings a breath of fresh air to many old processes involving payments, loans and investments. At least 80 percent of participants, business partners, suppliers and customers are already working on business solutions that use blockchain technology, for example.
Challenges and risks
Executives were also asked about the challenges of actually implementing the blockchain on a larger scale. The following issues need to be resolved in advance:
– 68 percent consider data security and privacy to be the biggest challenge
– 57 percent indicate sector-specific barriers and regulatory rules
– 48 percent ultimately see geographical factors as obstacles, such as the EU Data Protection Regulation or the US Patriot Act
Not “or” but “when”
It is clear from this survey that it is not a question of whether this technology and digital currencies will be implemented in the financial sector and will replace current obsolete processes, but when it will. Respondents from the financial sector almost unanimously agreed on the benefits and importance of blockchain and digital currencies in the future. However, there are still possible risks that will need to be eliminated.