Crypto Is Becoming a Necessity for the Future of Finance

A cryptocurrency firm Paxos has surveyed 400 executives from US-based financial services with at least five million users. The net worth of the assets surveyed is around $50 billion. The findings of the survey report indicate that the attitude towards crypto projects is undergoing significant changes. Therefore, it is necessary to briefly describe and interpret the findings.

Survey Findings Reveal More Acceptability For Blockchain and Cryptos

The survey report reveals that around 80% of enterprises now want a dedicated workforce for in-house blockchain technology teams. This essentially implies that enterprises are indeed increasing their focus on blockchain perhaps because of its numerous benefits. Furthermore, the survey also reveals that around 60% of those enterprises want to expand their employee base for the same purpose. 

The companies also pointed out three main barriers to implementing blockchain and accepting cryptocurrencies wholeheartedly. The three barriers include market volatility, financial costs, and complexity. For instance, 56% pointed out that implementation complexity is a major hindrance to launching crypto solutions. Nearly 51% cited market volatility as a major hurdle for companies to fully adopt blockchain and crypto projects. A substantially large section i.e. 43% mentioned financial cost as a major roadblock. 

Reasons Behind The Growing Acceptance of Blockchain and Cryptos

There are several solid reasons responsible for the change that the survey report talks about. 

Instant Traceability

Financial companies need high degrees of data traceability. Blockchain can fulfill these requirements and perhaps this is why an increasing number of companies are adopting it.

Auto mation and Smart Contract

Smart contracts have a huge potential to increase both efficiency and the speed of transactions. The automation features simply reduce the need for human intervention. This is the reason companies are accepting it to curtail unnecessary expenses.

Better Security

Blockchain technology and digital currencies offer better security in the age of cyber-attacks. Although blockchain is not completely immune, there is enough evidence to suggest that privacy issues are less prone to this technology.

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Conclusion

The survey report has revealed the changing attitudes towards digital assets and blockchain technology. Despite some inhibitions, the trend indicates the companies have internalized the value of technology in the long term. It is also true that the advantages of blockchain technology are compelling many enterprises to integrate it with their systems. Therefore, it will not be an exaggeration to suggest that crypto is indeed becoming a necessity for the future.

Source:  https://finance.yahoo.com/news/embracing-crypto-no-longer-option-080000749.html