In a survey conducted by Deloitte, Big Four accounting firm finance professionals were asked what they thought about digital assets and blockchain.
Most finance professionals believe blockchain has a lot of potential for their companies.
Globally, 76% of financial professionals believe digital assets will replace fiat currencies in 5-10 years, according to Deloitte's annual global blockchain survey.
Its rivals are KPMG, EY, and PwC, which are collectively known as the "Big Four" accounting firms. Every four years, it conducts a blockchain survey. Blockchain has been explicitly covered in the survey for the first time.
Others pointed out that there are several obstacles, such as outdated infrastructure, patchy regulatory frameworks, and apparent cybersecurity risks.
A survey of more than 1,000 finance professionals was conducted by the firm in Singapore, South Africa, Brazil, China, Hong Kong, Japan, the United Arab Emirates, the United Kingdom, and the United States.
From March 24 to April 10, when the cryptocurrency market was booming this year, the study was conducted.
81% of respondents think blockchain and digital assets are "widely scalable" and have become mainstream. 73% believe they would lose a competitive advantage if they did not adopt the technology.
The existing financial infrastructure is cited by 65% of finance professionals as the biggest hurdle to the acceptance of digital assets. Cybersecurity was seen as a barrier by 63%, and regulatory barriers were seen by 60%.
The concerns are unsurprising given that legal frameworks and technical infrastructures have yet to keep up with crypto, a nascent technology created just over a decade ago. Cybersecurity breaches are a major issue for high-risk industries as well.
While crypto has its challenges, finance professionals continue to be interested in it. 45% of those surveyed planned on tokenizing their assets, while 43% said their business would use crypto for payments in the future.
According to 44% of respondents, crypto would provide their institution with access to decentralized finance, a set of non-custodial financial applications and protocols.