Future of Digital Assets: Global Study

by baaaawz

What is the Future of Digital Assets? The Global Blockchain Survey delivers surprising Results

The Global Blockchain Survey published by Deloitte in 2020 will be the first of its kind. In this survey, they examined the future of digital assets in the digital transformation of financial institutions and the role of blockchain technology in the process.

The latest edition consists of a survey that covers financial service providers (FSIs) that interact with the ecosystem.

One of the most encouraging survey results is that the majority of respondents named blockchain and digital assets as one of their top 5 strategic priorities. The situation is very positive for Bitcoin and the entire crypto ecosystem.

Future of Digital Assets: Cryptocurrencies will replace Traditional Currencies

Reports on the blockchain ecosystem have just been published by Deloitte’s auditing firm. A total of 1,280 finance professionals have been surveyed in this edition of the Global Blockchain Study. There was a clear understanding of blockchain and digital assets among all respondents from 10 geographic regions.

Deloitte highlighted a subcategory among finance professionals in this year’s survey: early adopters. The individuals in this group work for financial institutions that have deployed blockchain infrastructure or integrated digital assets into their operations.

The vast majority of survey participants (78%) believe that digital assets will play a key role in the financial operations of the future. Further, these pioneers understand that digital assets are the future of their respective industries, which is why they value them greatly.

In addition, Deloitte’s data shows that financial professionals expect digital assets to replace traditional currencies in the near future. In fact, 76% of respondents think that cryptocurrencies will replace traditional currencies within the next five to ten years.

Further, 81% agree that blockchain technology has achieved widespread acceptance and has been largely scalable. Lastly, 73% believe their company should adopt blockchain and digital assets in the future. Professionals in the financial sector understand that if they do not, they are at risk of losing their competitive edge.

Cybersecurity and Regulation

According to the Deloitte report, the adoption of cryptocurrency is also hindered by a variety of barriers. It seems that the most frequently cited issues are security, regulation, and financial infrastructure.

In fact, 71% of the respondents expressed concerns about cybersecurity. We understand that people are concerned when they hear every week that another attack is taking place on the internet. A good example of this is the recent Poly-Network attack, where a hacker was able to steal over $600 million from the protocol, and then reclaim it.

Survey on Key Barriers to Digital Asset Adoption

Furthermore, 62% of financial professionals see the existing financial infrastructure as a major barrier to the future of digital assets.

60% of people see regulatory barriers as a primary barrier to ecosystem development.

In terms of regulations, 70% of the respondents believe that data security laws and privacy laws should be revised to facilitate the adoption of digital assets.

The same research indicates that 49% of financial professionals believe that internal control procedures and financial reporting procedures are not appropriate for this asset class.

Digital assets should not be accounted for in accordance with US GAAP or IFRS. MicroStrategy, for example, must record losses whenever Bitcoin falls in value under these standards. But they cannot lock in profits should the value rise unless they sell Bitcoins listed on their balance sheets.

Conclusion

When leading advisory firms are singing the praises of Bitcoin and cryptocurrencies, it is hard not to see it as a good sign for the future of digital assets. To become a successful crypto trader, start buying Bitcoins now and learn how to trade Bitcoin for profit.

Source: Global Blockchain Survey

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