- Crypto trust and security issues continue to be a challenge.
- Cryptocurrency adoption has increased many fold but issues remain.
- Deloitte survey expands on the accuracy of the situation.
Blockchain technology steadily grows into business portfolios as a recognizable strength and implementable solution to many growth hindering obstacles.
The past year proved Blockchain to be not just a faraway difficult to process concept but a plausible technology with the capacity to seamlessly integrate into a multitude of business industries offering exceedingly promising growth structures. 2020 and the global crisis have seen a paradigm shift in business owners’ thinking that led to blockchain’s advancement from conceptual to an implementable milestone.
Crypto trust and security issues: Deloitte survey
A study conducted in early 2020 involving over 1400 top executives and experts carried out by Deloitte, an industry-leading audit and finance firm, confirmed blockchain technology to be one of the year’s top strategic concerns among crypto trust issues. 88 percent of the survey respondents viewed blockchain technology as widely expansive instead of 84 percent in 2019.
83 percent of company owners are said to believe their company risks losing competitive strength if blockchain is kept at bay, the number rose from 77 percent last year. Another notable change has been seen in blockchain’s inclusion into current business infrastructure, with up to 39 percent confirming the same depicting an increase from last year’s 23 percent.
While the monetary sector has been the most active participant in utilizing blockchain’s strengths, other sectors are now looking into its implementation. Attention has been driven from healthcare, life sciences, agriculture, horticulture, and supply chain industries as per the Deloitte survey.
In spite of the rising era of blockchain implementation, many corporate firms have been guilty of practically applying it without truly understanding its need and motive, in turn, adding to crypto trust issues. With all the limelight given to the technology’s potential, a shortfall in addressing its risky aspects can be inimical to firms.
Lack of regulations, security decryption threats, blockchain breaches, infringed authentication and cyber-attack readiness are major concerns circumventing this technology.