Most Executives See Digital Assets as Strong Fiat Alternative in Next 5-10 Years: Deloitte

Let’s say you’re the CISO for a financial services firm. How much of your role is going to be attempting to understand and mitigate the risks of the blockchain part of your business in future? Are you ready for that?…:

More than three quarters – 76% – of executives globally think digital assets will be a “strong alternative to or replacement for” fiat in the next five to 10 years, Deloitte’s 2021 Global Blockchain Survey found.

  • Even more, 78% of respondents said that digital assets will be important to their industry in the coming 24 months.
  • The survey of 1,280 senior executives and practitioners was conducted March 24 through April 10. One-third of respondents were based in the U.S., with the rest in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the UAE and the U.K.
  • The most commonly identified barriers to adoption were cybersecurity, regulation and financial infrastructure, according to the survey. Data security and privacy regulation must change to enable blockchain adoption, said 68% of survey participants.
  • Respondents that had already deployed blockchain and/or digital assets in their core business, or “pioneers” as Deloitte labeled them, more commonly identified regulation, privacy, and cybersecurity as barriers to acceptance.
  • Among those, 70% said that digital assets’ greatest impact will be access to funding sources. The next most common answer was “compliance and transparency.”
  • Protection against data collection from big tech and other private firms was the most commonly identified potential benefit of central bank digital currencies among respondents.

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