Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), has already gained mainstream popularity, according to global finance executives polled by Big Four auditing house Deloitte.

According to Deloitte's "2021 Global Blockchain Survey," 81% of the financial services industry (FSI) executives believe that blockchain technology is "broadly scalable" and has achieved mainstream adoption.

Released on Thursday, the report queried 1,280 FSI professionals based in Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the Usa. The survey covered general FSI cohort respondents who had "at to the lowest degree a full general understanding" of blockchain and cryptocurrencies, as well as "FSI Pioneers," or respondents who have already deployed blockchain tools into their concern or production.

Some 73% of survey respondents expressed concerns that their firm would lose an opportunity to gain a competitive advantage if they do not prefer blockchain or digital assets. Among the FSI Pioneers subset, every bit many as 97% of respondents indicated that blockchain applications are crucial for their business organization to stay competitive.

Source: Deloitte

Despite the survey pinpointing the FSI's bullish stance on blockchain and digital assets, 71% of survey respondents indicated that cybersecurity is the greatest barrier to wider digital asset adoption. Among the FSI Pioneers, 73% of respondents specified regulatory barriers as the main obstacle hindering crypto adoption. Among overall respondents, 65% described the existing legacy financial infrastructure equally the greatest impediment to mainstream blockchain adoption.

Related: Bitcoin security still a concern for some institutional investors

"In the last year, we've seen a meaning shift in how the global financial ecosystem is thinking about new business models fueled past digital assets, and how this is playing a meaningful role in financial infrastructure," Deloitte Consulting principal Linda Pawczuk said. The survey showed that the foundation of banking has been "fundamentally outlived," she added.

According to Deloitte'southward final year'southward Global Blockchain Survey, most 40% of respondents from ​​major global technology companies had blockchain in production, with about 90% believing that blockchain would go more of import in the next iii years.

Additional reporting past Samuel Haig.