According to a survey hosted by the auditing firm Deloitte, Blockchain is on the verge of becoming mainstream in the market as its popularity continues to grow worldwide.
The blockchain-based survey hosted by Deloitte was targeted towards getting responses from financial executives. Interestingly, the survey revealed that more than 80% of the financial executives questioned responded in favor of blockchain technology becoming mainstream worldwide. The majority of financial executives believe blockchain technology is something that is intensely scalable and has already become mainstream.
In accordance with the report released back last Friday, around 1280 FSI professionals from around the world including, China, Germany, UAE, Japan, Brazil, had been questioned about their stance regarding blockchain technology. The FSI professionals were required to have a general understanding of blockchain technology cryptocurrencies and as well as some experience in implementing blockchain-based tools inside of their own businesses or production facilities. Around 73% of the questioned professionals responded by saying that their companies would miss a very critical advantage if they are not going to implement some level of blockchain technology into their systems. Nearly 97% of the professionals responded by saying that blockchain technology is certainly something that is very important in order to maintain a competitive benefit in the market.
Cyber Security Troubles
Nearly 71% of the responses claimed that cybersecurity issues hinder the potential of digital assets and are sort of a huge hurdle to overcome. 73% of the people mentioned that very specific regulation-based hurdles are causing trouble in the adoption of cryptocurrencies and digital assets. Almost 65% of the responders highlighted old financial infrastructures to be the biggest hurdle in the way of blockchain technology’s adoption rate and its path to becoming mainstream worldwide.
Digital Asset Changing Systems
According to the Linda Pawczuk of Deloitte, there has been a huge change in the worldwide financial system, as more businesses have started to shift their focus on digital assets that are a vital part of running their business models, and that how digital assets have been playing a vital role in the development of financial infrastructures around the world. The survey resulted that banking is something that has continued to live in the market for a long time.