August 24, 2021
The digital assets will replace fiat currencies in the next five to 10 years, according to Deloitte’s 2021 Global Blockchain Survey: A new age of digital assets conducted by consulting firm Deloitte.
“The end of physical money as we know it represents an overdue – and now inevitable –upgrade,” the report noted.
Not only that, nearly a whopping 76% of the financial service industry respondents – and 94% of the financial industry pioneers – believe that the change will occur.
As funds flow into the digital assets market, it is not surprising that nearly half (47%) of the respondents said that custody represented “very important” role for digital assets in their respective organizations.
“The survey finds that the global financial services industry leaders see digital assets and their underlying blockchain technologies as a strategic priority now and in the near future,” the report said.
More than three quarters of financial service industry respondents strongly or somewhat agree that their organization will lose an opportunity for competitive advantage if they fail to adopt blockchain and digital assets.
“Banks are currently on the vanguard but in a constant state of flux as capital markets realign around digital assets,” the reported noted. “The seismic shifts we are witnessing will affect any organization that uses a bank in the near and long term. The future is happening now.”
Deloitte conducted the survey between March 24 and April 10, 2021.
The survey polled a sample of 1,280 senior executives and practitioners in 10 locations: Brazil, China Mainland, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the United States. Respondents had at least a general understanding of blockchain, cryptocurrencies, and digital assets.