Deloitte’s annual Global Blockchain Survey has revealed that 76% of executives believe digital assets will replace most fiat currencies in the next five to ten years.
The goal of the survey was to examine current attitudes held by financial institutions concerning cryptocurrencies and to get a glimpse into the foreseeable future through the eyes of said institutions. This survey was conducted with 1,280 bank leaders and executives in 10 countries across Europe, Asia, Africa, and North and South America.
Nearly three-quarters of senior executives responded that they fear that their companies will experience development slowdowns if they do not adopt virtual currencies and blockchain technology. Similarly, 73% believe that blockchain adoption is essential for any company trying to remain relevant in the future of this competitive industry.
“In the last year, we’ve seen a significant shift in how the global financial ecosystem is thinking about new business models fueled by digital assets, and how this is playing a meaningful role in financial infrastructure,” said Linda Pawczuk, U.S. Blockchain and Digital Assets Leader at Deloitte. She went on to state that these results suggest the occurrence of the final chapter of the traditional banking saga and that, henceforth, executives must “find alternative ways to create economic growth in the future of money.”
Other findings of the survey suggested that, though many executives know that they must recenter attention to cryptocurrency markets, 71% fear that cybersecurity is inadequate in the crypto space and needs improvement. Regulatory barriers and the existing economic structure may also serve as hindrances on the large-scale adoption of blockchain and digital assets in the future. The fear of government regulations impairing the development of blockchain technology and the utilization of cryptocurrencies is rising in institutions that know they must begin transitioning.
Despite these concerns, leaders of financial institutions have grown increasingly aware of the next steps they will be required to take to keep their companies above water in the changing digital climate. With this report serving as an insight on industry’s stance on the matter, it is likely that physical currency could become obsolete in the next decade.