According to the annual global blockchain study carried out by Deloitte, 76% of finance professionals surveyed now believe that digital assets will prove to be a strong alternative to FIAT currencies within a decade.
The exact time frame cited by the majority of people in the survey is from five to ten years.
Deloitte is considered an authority on overall economic developments, alongside the other Big Four accountancy firms, PwC, KPMG and EY.
The firm reached out to over 1,000 finance professionals based in multiple jurisdictions, from the UK to China, to Hong Kong, Japan and beyond. There were interviewees from Singapore and South Africa as well as the United Arab Emirates and the US.
Deloitte took between March 24 and April 10 to gather all responses. 81% of all respondents confirmed that they agreed on the scalability potential of digital currencies whereas 73% said that businesses should seek to adopt blockchain if they wish to be successful.
Transparency and mainstream adoption were among the upsides of using blockchain technology that were cited in the survey. However, 65% of respondents agreed that the current financial system made it difficult to just make a switch to digital currencies.
Moreover, 63% acknowledged the mounting pressure from cybersecurity threats that may prove a barrier to adoption.
Regulators have been slow to act as well, the survey suggested, as they have been acting reactively and not proactively. Watchdogs have been imposing restrictions on existing products rather than guiding a framework in which such digital products ought to be developed.
Crypto adoption proved another interesting point of the survey. Of those surveyed, 43% said businesses are likely to just start using payment in cryptocurrencies as a non-obligatory option while 45% believe that people will just tokenize their assets, as a part of a broader portfolio.