Leaders in financial services gaining faith in blockchain

Financial Data Analytics
Leaders in financial services gaining faith in blockchain
Fin is an editor at TechForge Media and University of Bristol graduate. He applies an impressive knowledge of the latest technologies to his writing and enjoys interviewing and engaging with leading industry figures. You can follow his Twitter @FinStrathern or connect with him at https://www.linkedin.com/in/finstrathern/.

Most financial services leaders now see blockchain as an important source of competitive advantage, according to Deloitte’s ‘2021 Global Blockchain Survey’.

In its poll of 1,280 senior executives and practitioners, the survey found that 77% said their organisations would lose opportunities for competitive advantage if they did not adopt blockchain or digital assets into their business strategy.

Similarly, 80% of leaders believed their industry will see new revenue streams from blockchain, digital asset, and cryptocurrency solutions.

Commenting on this growing trust in blockchain, Consultancy.uk said: “In the last year, everything has changed for blockchain. The proliferation of all things digital into the assets and financial services business has been notably accelerated by the Covid-19 pandemic. An increasing emphasis on managing sensitive work from home means blockchain looks to finally have come of age amid the coronavirus crisis.

With blockchain providing a secure digital method of exchanging and storing value, the global financial services industry in particular has undergone a seismic shift – adopting the technology much fast than before.”

The fact that 84% of those surveyed believed blockchain has achieved mainstream adoption signifies the vast majority agree with these claims.

Of course, as the sector most affected by blockchain, it is important to remember that favourability towards blockchain is higher amongst the financial services space than overall global markets.

In concluding its paper, Deloitte said: “The financial services sector is still coming to grips with the potential implications of digital currencies. Most leaders in our survey still see blockchain and digital assets as another way to gain competitive advantage. The unprecedented speed at which infrastructure develops and the constant need for flexibility are spurring many industries to adapt to find their way in this new era of digital assets.”

Want to learn more from executives at the heart of this space? The Blockchain IoT Solutions Congress, on November 2, 2021, will explore the convergence of these two technologies and the use cases and industries that will benefit.

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