Crypto And Other Digital Assets Will Replace Fiat Within 10 Years: Deloitte Blockchain Survey

According to Deloitte & Touche's recent annual global blockchain survey, 76% of finance professionals think that digital assets will serve as a solid alternative to, or outright replacement for, fiat currencies in the next 5 to 10 years.

The firm surveyed more than 1,000 finance professionals based in Brazil, China, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom, and the U.S. 

Deloitte has conducted blockchain surveys for the last four years, but 2021's survey is the first to cover the commercial activities aided by blockchain.

Here are some other key takeaways from the survey: 

• The majority of finance professionals think that blockchain has a lot of potential in their businesses.
• 81% of respondents agreed that the technology is broadly scalable and has achieved mainstream adoption. 
• 73% thought their business should adopt blockchain and digital assets and would lose a competitive advantage if they did not adopt the technology.
• 65% of finance professionals considered existing financial infrastructure among the biggest obstacles to accepting digital assets.
• 63% thought cybersecurity is another barrier, and 60% saw regulatory obstacles.
• 43% of those surveyed said that their business may eventually adopt cryptocurrencies as a payment option, and 45% would tokenize their assets.
• 44% said crypto would allow their institution to access decentralized finance.