Digital assets will win over paper money or make them worthy competition. This conclusion came the international audit company Deloitte, whose study brings insider.
According to Deloitte’s report, 76 percent of the respondents were predicted that cryptocurrencies would become a strong alternative or replace paper money in the next 5-10 years. Companies from financial services should use cryptocurrency, digital assets and blockchain, otherwise they risk losing to competitors. Market participants are expected to benefit for their business from a number of assets, such as stellers (cryptocurrencies attached to the reserves of ordinary currencies or physical goods) and digital currencies of central banks (CBDC).
The study notes that the flow of funds into digital assets increases, since investors are increasingly interested in them as a way of saving funds. New business models grow around cryptocurrencies, reflecting changes in the financial industry. According to the authors of the Deloitte report, companies think how to change their traditional products to be ready for the future needs of their customers.
80 percent of financial leaders stated that the industry will see new income streams from digital assets and blockchas. Half of the respondents believes that the main function of cryptocurrencies is storage. Other features of digital assets include new channels or types of payments, as well as the diversification of investment portfolios. More than 75 percent of respondents agreed with the statement that if the company does not introduce blockchas and digital assets, it will miss a chance to get out of its competitors.
“The possibilities of real changes exist for those players who explore new ways to use blockchain technology and digital assets to rethink their business models,” said Leading analyst Deloitte in the field of blockchas and financial services Richard Walker.
market participants called several “stumbling blocks”, which interfere with the transformation of the industry. About 65 percent attributed to them the lack of cryptocurrency financial infrastructure. Also among the problems, there were risks associated with cybersecurity, regulatory requirements and the need to protect confidentiality. Protection of digital assets from fraudsters remains an urgent problem: in August, the hacker made a record robbery, staring $ 610 million from the Poly Network platform. All the stolen hacker returned and stated that his actions showed a vulnerability in the system.