Deloitte 2020 Global Blockchain & Crypto Survey is out and we've gone through the report to summarise the best bits that you need to know about.
Deloitte made this survey in February 2020 with a sample of 1,488 senior executives and practitioners in 14 countries and regions: Brazil, Canada, China Mainland, Germany, Hong Kong SAR, Ireland, Israel, Mexico, Singapore, South Africa, Switzerland, the United Arab Emirates, the United Kingdom, and the United States.
Our learnings from the report can be broadly categorized into three parts:
- From blockchain tourism to blockchain integration;
- Rising belief in the importance of digital assets; and
- Cybersecurity and regulatory concerns.
From "blockchain tourism" to blockchain integration
- Executives now consider blockchain technology as integral to innovation. And are developing more permanent plans to integrate blockchain in their organizations
- More executives now see blockchain as one of their top five strategic priorities. 55% of respondents in 2020, up from 53% in 2019, and 43% in 2018
- Also, more executives believe blockchain technology will eventually achieve mainstream adoption. 88% in 2020, up from 86% in 2019, and 84% in 2018
- Respondents from Hong Kong, Brazil, Israel and the United Arab Emirates registered above-average positive sentiment in their views of blockchain's scalability
- Companies are putting their money where their mouth is: 82% of all respondents say they are hiring staff with blockchain expertise (up from 73% in 2019), with Asia Pacific respondents from mainland China, Hong Kong and Singapore leading the way
Digital assets = super important in the coming years
- Almost 89% of respondents believe digital assets will be very or somewhat important to their industries in the next three years
- 83% of all respondents strongly or somewhat believe that digital assets will either be an alternative. Or completely replace fiat currency in the next five to 10 years
- While respondents showed great faith in the importance of digital assets, there was no clear or specific consensus about exactly how those assets will be used. Or what specific role these assets will play
- 80% of respondents say they are prepared to deal with the regulatory aspects of digital assets. For example: Know Your Customer, tax, etc.
- Respondents most favoured the adoption of enterprise-controlled digital assets and general asset-backed digital assets in their business models
Cybersecurity and regulatory requirements remain a concern
- 58% of respondents say cybersecurity concerns affect their overall blockchain and digital asset strategy
- 66% believe cybersecurity issues may be hampering the widespread acceptance and adoption of digital assets
- 63% believe that a global digital identity will be very important. Especially in global financial transactions and data privacy / ownership
- 70% of respondents consider the current pace of regulatory change to be very or somewhat fast
- Most seem confident that they will be able to meet blockchain-related regulatory and reporting requirements
What do you think about Deloitte survey? Let us know your thoughts in the comments.
