By Charles Ike-Okoh
THUR 26 AUG, 2021-theGBJournal- According to a recent (2021) Global Blockchain Survey by global consulting giant, Deloitte, digital asset will replace fiat currencies in the next five to ten years-and more than three-quarters of overall respondents and 76% of Financial Services Industry (FSI) respondents believe the changeover will occur.
‘’This number jumps to 94% for FSI pioneers,’’ Deloitte noted in the report.
The survey report shows that global FSI leaders see digital assets-and their underling blockchain technologies-as a strategic priority in the near term and in the future. It shows also that nearly 80% of overall respondents say that digital asset will be ‘’very/somewhat important’’ to their respective industries in the next 24 months.
Again, it says that more than three quarters of FSI respondents strongly or somewhat agree that their organisation will lose an opportunity for competitive advantage if they fail to adopt blockchain and digital assets.
The report is the strongest indication yet that organisations, particularly banks, have no choice but to tow the part and that digital revolution is already upon us.
The report reads, ‘With the growing interest of major institutions and individuals alike, fund continue to flow into digital assets market. The fundamental impact on deposits creates an important opportunity for banks and all industries that hold assets. Thus it is hardly surprising that nearly half (47%) of FSI respondents that custody represented a ‘’very important’’ role for digital assets in their respective organisations, ranking as the top role. Among FSI pioneers, that figure jumped to 63%. Safe custody, too, ranks as the top concern around holding or transacting in central bank digital currencies, at 57% of FSI respondents and a stunning 77% among FSI pioneers.’’
The survey concludes that ‘’participation in the age of digital assets is not an option-it is inevitable. Leaders are left only to decide how and when their organisation should start – and how to use digital assets and the new global financial infrastructure to their greatest advantage.’’
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