Deloitte’s 2021 Global
Blockchain Survey
A new age of digital assets

About Deloitte Blockchain
At Deloitte, our people collaborate globally with clients, regulators, and policy makers on how
blockchain and digital assets are changing the face of business and government today. New
ecosystems are developing blockchain-based infrastructure and solutions to create innovative
business models and disrupt traditional ones. This is occurring in every industry and in mostjurisdictions globally. Our deep business acumen and global industry-leading audit, consulting,tax, risk, and financial advisory services help organizations across industries achieve theirvarying blockchain aspirations. Reach out to our leaders to discuss the evolving momentum of
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Contents
Disruption in financial services3

From physical to digital

5

From digital to the future of finance

10

Conclusion

12

Appendix

14

Endnotes

21

Deloitte’s 2021 Global Blockchain Survey

I

N THE LAST year, everything has changed for

Therefore, while in prior years, we focused on theblockchain, digital assets, and financial services—

technology’s back-end usefulness; for this report,

and not only due to the COVID-19 pandemic. The

we look primarily at how organizations areproliferation of digital everything as both a means

harnessing the capabilities that run on blockchainof exchange and a store of value has expanded

today—in particular, FSI applications such as

significantly, with a seismic shift impacting thecrypto assets, moving value, and banking services.

global financial services industry (FSI) in particular

Our survey trends and data provide a clearer

that has recently been further challenged by new

picture of current and future expectations for thebusiness models around digital assets.

global financial services industry.

In our 2020 Global Blockchain Survey report,1 we
examined the role and evolution of digital assets,
and how blockchain-based financial infrastructure

METHODOLOGY

could transform banking and financial markets.

Deloitte conducted this survey between
March 24 and April 10, 2021, primarily as a
research vehicle to gain insights into overall
attitudes and investments in blockchain
and digital assets. The survey highlights
here reflect those opinions and perceptions
around blockchain and digital assets andthe potential impact they may have. The
information shared provides summaries
of a subset of the overall data andinsights collected.

This year, we focus on respondents from FSI, given
the ubiquitous role that the sector plays across thebroader economy. Our 2021 survey finds that
global FSI leaders see digital assets—and theirunderlying blockchain technologies—as a strategic
priority now and in the near future: In fact, nearly
80% of overall respondents say that digital assets
will be “very/somewhat important” to theirrespective industries in the next 24 months.

The survey polled a sample of 1,280 senior
executives and practitioners in 10 locations:
Brazil, China Mainland, Germany, Hong Kong
SAR, Japan, Singapore, South Africa, theUnited Arab Emirates, the United Kingdom,
and the United States. Respondents had atleast a general understanding of blockchain,
cryptocurrencies, and digital assets.

The business imperative of adopting blockchain
and digital assets is growing noticeably, asorganizations increasingly accept that their current
business models are at stake. More than threequarters of FSI respondents strongly or somewhat
agree that their organization will lose anopportunity for competitive advantage if they failto adopt blockchain and digital assets.

2

A new age of digital assets

Disruption in financial services

T

ODAY, DIGITAL ASSETS are disrupting the

But questions remain: Will this new financial

entire financial market. Indeed, the rise inservices infrastructure create opportunities for

digital assets is affecting every organization

economic growth and activity more generally? How

and industry that is a customer of FSI—that is,will FSI models change? Is the regulatory structure

pretty much everyone. Blockchain is driving

over financial services ready for change? Will it laychange in the holistic financial ecosystem, fromthe groundwork to disintermediate banks,

deposit taking to payments, lending, investing, andinvestment managers, payments companies, andtrading anything of value. The very nature of

insurance companies?

financial instruments, from money to stocks, andthe infrastructure for any type of transaction is

Financial services organizations appear to be racingchanging—for the better.

to write the future to define their role in it—but for

Thus, our focus on FSI is well placed.

Digital assets are a driving force behind the next

Financial services leaders are concentrating on

welcome upgrade from the fragmented, batch cycle,

now, this future remains uncertain. What is clear:phase of this evolution, which will be a radical andthese products and disruption to today’s models,brittle nature of financial products and infrastructure

which will have wide ramifications in terms of thethat currently exist. FSI—all industries, really—could

products that FSI companies provide to enable

benefit from the improvements underway across the

economic activity and economic growth.

financial ecosystem.

3

Deloitte’s 2021 Global Blockchain Survey

FIGURE 1

How do ﬁnancial executives view blockchain and digital assets?
FSI overall respondents and, especially, FSI Pioneers express stronger convictions
about the critical importance of blockchain and digital assets than overall respondents
Overall

FSI overall

FSI Pioneers

Q. What is your level of agreement or disagreement with each of the following statements?

Blockchain technology is broadly scalable andhas achieved mainstream adoption

81%
84%

Our executive team believes there is a compellingbusiness case for the use of blockchain, digital assets, and/or
cryptocurrencies within my organization or project

78%
83%

Our business partners, suppliers, customers, and/or competitors
are discussing or working on blockchain, digital assets,
and/or cryptocurrencies in context to solutions or strategies

80%
83%

96%

93%

93%

73%
77%

My organization will lose an opportunity forcompetitive advantage if we don’t adopt blockchain and digital assets

97%

80%
80%

Our industry will see new revenue streams fromblockchain, digital assets, and/or cryptocurrency solutions

93%

0

20

40

60

80

100

Notes: Percentage of respondents who strongly or somewhat agree with each statement. N=1,280 (2021 overall);
N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

THE FSI PIONEERS
In a deeper analysis of our survey data, we identify a subset of FSI respondents on the cuttingedge that we term Pioneers. These are respondents whose organizations have already deployedblockchain solutions into production and/or integrated digital assets into their core businessactivities. Yet beyond walking the walk, what distinguishes the Pioneers is their vision of blockchain
and digital assets as a top-five strategic priority. FSI Pioneers have deep convictions about thepotential that blockchain and digital assets offer. Throughout the report, we differentiate thePioneers from the general FSI cohort and overall respondents. These results illustrate the relative
importance that FSI Pioneers place on blockchain and digital assets.

4

A new age of digital assets

From physical to digitalT

HE END OF physical money as we know it

deposits creates an important opportunity for

represents an overdue—and now inevitable—banks and all industries that hold assets. Thus, it isupgrade. There is consensus among ourhardly surprising that nearly half (47%) of FSI

cohorts that digital assets will replace fiat

survey respondents said that custody represented acurrencies in the next five to 10 years. More than“very important” role for digital assets in theirthree-quarters of overall respondents and FSI

respective organizations, ranking as the top role.

respondents (76%) believe the changeover willAmong FSI Pioneers, that figure jumped to 63%.

occur. This number jumps to 94% for FSI Pioneers.

Safe custody, too, ranks as the top concern aroundholding or transacting in central bank digital

With the growing interest of major institutions andcurrencies, at 57% of FSI respondents and a

individuals alike, funds continue to flow into thestunning 77% among FSI Pioneers.

digital assets market. The fundamental impact on

FIGURE 2

The future of digital assets
FSI Pioneers are in near unanimity about the transformative role that digital assets willplay in the near future
Overall

FSI overall

FSI Pioneers

I believe that digital assets will be very or somewhat
important to my industry in the next 24 months

78%
79%

I strongly or somewhat believe that digital assets will
be a strong alternative to or replacement for ﬁatcurrencies in the next ﬁve to 10 years

76%
76%

100%

94%

0

20

40

60

80

100

Note: N=1,280 (2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

5Deloitte’s 2021 Global Blockchain Survey

FIGURE 3

The role of digital assets in future
Custody and new payment channels stand apart among potential digital asset use cases
Overall

FSI overall

FSI Pioneers

Q. What role will digital assets have in your organization or project?

45%
47%

Custody of digital assets

63%
42%
43%

New payment channels or types

63%
41%
40%

Diversifying investments/portfolios

57%
39%

Access to decentralized ﬁnance platforms

44%
56%
39%

Tokenization of assets

45%
56%
38%
42%
43%

Enabling intercompany or bank transactions

38%
34%
41%

Automation of contracts/IP rights

37%
40%

Enabling end-user transactions

50%
35%
39%

Virtual representation ofﬁnancial instruments or products

54%
34%
37%

Treasury/balance sheet management

44%
32%
35%

Enabling loyalty solutions

44%

0

10

20

30

40

50

60

70

Notes: Percentage of respondents who say that digital assets will play a “very important” role. N=1,280 (2021 overall);
N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

6

A new age of digital assets

Crypto custody models can take a variety of forms,

money movement—transferring currency without

since crypto assets are new, vary widely in design

adding value or taking risk. These revenues will

and implementation, and, like any new thing,likely shrink, with corporations increasingly able topresent new risks. To ensure strong operational

conduct these transactions instantaneously for freeprotections and customers’ unique operational

or at a nominal cost.

2

preferences, the custody of digital assets—unlike
other assets, such as publicly traded securities—

With digital assets, such transactions can berequire a new kind of technical infrastructure asaccomplished outside the traditional international

well as new processes and procedures.

banking system. Companies can subcustody or selfcustody digital assets and move them on their own,

The rise of digital assets is inspiring FSI companies

directly between legal entities and across borders

to step up and take a more active role in their own

to meet their own capital and liquidity needs.

future. Such action could help discourage
corporations from adopting a self-banking

Nevertheless, banks aren’t standing still—theymodel—a major existential threat to the banking

remain some of the largest patent filers aroundmodel as we know it. For example, banks can help

digital assets and blockchain technologies. They

create a future in which they play a key role byare exploring ways to harness the power of theworking with corporations to develop elevatedtechnology, including how to create new services tomodels. In the near term, banks are contending

address revenue losses from traditional payment

with more immediate threats from crypto

services. This requires banks to rethink theirexchanges, custodians, and issuers of crypto-based

business and revenue models around payments.

investment instruments by developing their own

However, this entails more than a process change,

capabilities to participate and compete more

as it portends changes to the business model, thedirectly in these areas.

revenue model, and fundamental value proposition

3

around cross-border payments and global
Our survey also supports the imperative of digitalmoney movement.

assets in the context of payments. Specifically, 43%
of FSI respondents say that new payment options

FSI leaders recognize that blockchain technology

represent a “very important” role for digital assets inand digital assets capabilities threaten a key long-

their organizations. Among FSI Pioneers, that figure

standing banking revenue source. They’re not only

jumps to 63%—virtually tied for first within thatlooking to nail down the way that these newgroup. Indeed, we are witnessing a change in thetechnologies are implemented but also exploring

nature of payments from a separate process that isways to be value-add players in the new global

disconnected from commerce to a more integrated

financial infrastructure for the future of money.

and simultaneous structure.
The industry is not necessarily heading for a
Today, this all happens through the banking

singular future state. Instead, we envision several

system and a highly fragmented set of activities

potential scenarios that could be influenced by thewith multiple players in multiple countries doing

actions of various actors, including banks,

spot foreign exchange trades and charging a fee topayments companies, corporations, and regulatory

facilitate the movement of money. In 2020, webodies. Our survey has confirmed that unanswered

believe there was about US$ 2 trillion in global

questions around regulation, in particular, play apayments revenue associated with cross-borderrole in how financial institutions will engage.

7

Deloitte’s 2021 Global Blockchain Survey

Approximately six in 10 overall survey
respondents—and seven in 10 FSI Pioneers—
identified regulatory barriers among the biggest
obstacles to acceptance of digital assets.
Since the introduction of bitcoin4 in 2008, and thelaunch of the bitcoin network in January 2009,
regulatory authorities in the United States andelsewhere in the world have developed a patchworkof guidance to keep pace with crypto andblockchain innovation. In the United States, forexample, it remains unclear as to whether
regulators will continue this piecemeal guidance
effort, or whether the Securities and Exchange
Commission, banking regulators, and theCommodity Futures Trading Commission will join
forces and coordinate, or whether Congress will act
to establish an end-to-end regulatory framework.
In the near term, we expect US regulators to issue
additional guidance focused on concerns, such as
cybersecurity, AML, securities registration,
antifraud, tax, and transaction reporting risks thatare associated with cryptocurrencies.
However, there is shared optimism about future
revenue opportunities from blockchain, digitalassets, and cryptocurrency solutions. FSI Pioneers
offer the greatest sanguinity, with 93% strongly orsomewhat agreeing versus 80% each for FSI overall
and all survey respondents. But does this optimism
portend a positive future for financial services?
Opportunities for real change in several areas of
the fundamental building blocks of the global
financial markets exist for those players that cannavigate the current regulatory dynamics anduncertainty—and that can position themselves
strategically in the market.

8

A new age of digital assets

FIGURE 4

The leading barriers to digital assets acceptance
Cybersecurity and regulations stand at the forefront as the biggest obstacles to theacceptance of digital assets
Overall

FSI overall

FSI Pioneers

Q. What are the biggest obstacles to the acceptance and use of digital assets globally?

71%
63%
67%

Cybersecurity

63%
60%

Regulatory barriers

73%
62%
65%
64%

Financial infrastructure

59%
58%

Privacy

69%
50%
50%

Legacy process and systems

33%
47%
48%

Secondary markets

63%

Broad adoption

47%
43%
41%

Lack of value propositions

43%
46%
43%
41%

Access to talent

46%
39%
13%
16%
9%

Other brand risks
0

10

20

30

40

50

60

70

80

Notes: Percentages equal more than 100% because respondents were allowed to submit more than one answer. N=1,280(2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

9Deloitte’s 2021 Global Blockchain Survey

From digital to the futureof financeJ

UST AS WITH safekeeping and transacting

accounting and tax implications of lending may notmoney, lending and capital formation are in forbe applicable to loans of digital assets.

an upgrade, as new approaches address a

growing appetite for more efficient ways to secure

Improvements are also necessary in thefunding. In fact, 70% of FSI Pioneers say thatmechanisms for issuing a company’s ownership

access to funding sources will serve as the largest

and debt. Just as companies are raising money by

area of digital asset impact to their respective

token issuances through smart contract-basedorganizations—well above the larger FSI cohort atgovernance models, they can also do the same

43% and nearly twice as high as overall survey

thing through shares in their business. These arerespondents at 36%.

not merely a digital asset that is backed by interestin participating in a market that serves liquidity

From a retail perspective, the digital-asset

providers and liquidity takers. How capital isarchitecture provides a way to think about

formed and raised, how corporate actions aredecentralized finance. Indeed, our survey shows

executed, and how value is exchanged in these

how significant this really is. When asked about thecompanies will become far more dynamic.

role that digital assets will play in decentralized
finance, 83% of FSI respondents and 90% of FSI

We expect these shifts to be highly disruptive to

Pioneers said they believe it will be very or

financial services, as new sources of asset value

somewhat important.

increase the velocity of economic activity,transparency, and trust in that economic activity.

Banks face fierce competition in lending at home

When we consider what this means overall, how

and abroad. They are exploring asset-based

these instruments are traded, and how dynamic

approaches for issuing loans. They will, as always,

this market might become, we see a very different

need to contend with the supervisory focus on coremodel emerging for economic liquidity. What thiscredit and underwriting risks as well as safety andportends for the wider marketplace is still coming

soundness concerns regarding asset-based lending.

into focus.

It is worth noting that the established norms of10

A new age of digital assets

FIGURE 5

Where will digital assets have the greatest impact?
Although lagging overall, seven in 10 FSI Pioneers say that access to funding sources willbe the greatest area of digital asset impact
Overall

FSI overall

FSI Pioneers

Q. How will digital assets impact the following aspects of your organization or project?

More eﬃcient processes (e.g., faster payments)

44%
45%

Greater compliance and transparency

44%
45%

57%

59%
41%
39%
41%

Enhanced trust

39%
43%
39%

Competitive advantage

37%
37%

Meet customer expectation

43%
36%
40%
39%

Reduced risks

36%

Access to funding sources

43%
70%
35%
37%

New revenue streams

53%

0

10

20

30

40

50

60

70

Notes: Percentage of respondents who say that digital assets will have a “signiﬁcantly positive” impact. N=1,280 (2021
overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

11Deloitte’s 2021 Global Blockchain Survey

ConclusionT

HE SHIFT TO digital assets is fundamentallycreate operational efficiencies. Corporate entities

changing banking—and changing banking

create financial platforms that enable digital assets,

fundamentals. On the positive side, 76% ofraising concerns for both banks and regulators.

our survey respondents—and 85% of FSI Pioneers—

Regardless, our survey respondents expect to see

believe that digital assets will help significantly or

significant positive impact on their organizations

moderately reduce risks for organizations oror projects from a variety of digital asset types:

projects. But our survey suggests that this• Stablecoins or central bank digital currencies:
Overall survey 42%; FSI overall 43%; FSI
Pioneers 53%

optimism is also tempered by caution.
Nearly 70% of overall survey respondents• Algorithm-driven stablecoins: Overall survey
38%; FSI overall 40%; FSI Pioneers 59%

identified data security regulation in the greatest
need of modification (vs. 63% of FSI Pioneers), and
71% of overall survey respondents identified• Enterprise-controlled coins: Overall survey
33%; FSI overall 33%; FSI Pioneers 43%

cybersecurity among the biggest obstacles to
acceptance of digital assets. This number was only
slightly less for FSI Pioneers (67%), suggesting that

This thinking creates new levels of anxiety about

even the most dedicated believers in digital assets

how the industry can adapt traditional processes,

have legitimate security concerns.

products, and services to effectively meet theircustomers’ future needs.5 Banks are currently onWith digital asset disruption rapidly fragmenting

the vanguard but in a constant state of flux as

the marketplace, global financial services arecapital markets realign around digital assets. The

striving to reinvent themselves, creating businesses

seismic shifts we are witnessing will affect any

to replace disappearing sources of revenue. The

organization that uses a bank in the near and longindustry has been slow to face the issue because

term. The future is happening right now.

regulatory requirements for the many dimensionsof digital assets are not yet mandating a response.

Of course, FSI, like other industries, is still coming

It is thus unsurprising that banking executives

to grips with the potential implications of digital

have expressed concerns about digital assets incurrencies. As noted above, the vast majority ofgeneral and spoken up about why regulatory

leaders in our survey (an impressive 97% of FSI

protections are still necessary.

Pioneers) see blockchain and digital assets asanother way to gain competitive advantage. The

Even so, banks are evolving to stay current with theunprecedented speed at which infrastructure

times, spurred by the democratization ofdevelops and the constant need for flexibility are

requirements for simplification of things such as

spurring many industries to adapt to find their way

smart contracts, which streamline the execution toin this new era of digital assets.

12

A new age of digital assets

This is especially true in banking, where theof ownership is easy; the ability to offer a stake in aevidence of change is manifest and the level ofcompany to raise capital is instant; and the overallchange substantial, even as the ultimate impact ofvelocity of economic activity will be exponential.

that change is still unfolding. The vision of the

Banks—and effectively all other industries—have

future depends on the players, and on theirno choice but to embrace change.

reactions. What happens? What’s the response?
What the industry does now will shape financial

Participation in the age of digital assets is not anservices, the nature of money, and the nature ofoption—it is inevitable. Leaders are left only tofinancial economic activity for the next decade.

decide how and when their organizations should

And there are some defining harbingers of thestart—and how to use digital assets and the new

future of digital assets in financial services: Money

global financial service infrastructure to theiris fast; the movement of money is cheap; the ability

greatest advantage.

13

Deloitte’s 2021 Global Blockchain Survey

AppendixI

N THE FIGURE below, we highlight several key metrics from our survey, showing how FSI respondents
compare to overall survey respondents. What follows are survey results focusing on a number ofkey metrics:

FIGURE A1

The 2021 Global Blockchain Survey was ﬁelded in 10 locations(total number of respondents=1,280)

Germany

United Kingdom

160 respondents

120 respondents

United States

China Mainland

425 respondents

UAE

160 respondentsJapan

60 respondents

Hong Kong SAR

40 respondents

105 respondents

Singapore

90 respondents

Brazil90 respondents

South Africa

30 respondents

Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

14

A new age of digital assets

FIGURE A2

Select survey data
MetricOverall survey (N=1,280)

FSI respondents (N=320)

Relativeto overall
surveyFSI Pioneers (N=70)

Relativeto overall
surveyPercentage of respondents who “strongly believe”
that digital assets will be a strong alternative to or
replacement for ﬁat currencies in the next ﬁve to
10 years

33%

33%

—

67%

+34 pts.

Percentage of respondents who say that digitalassets (all forms) will be “very important” to theirrespective industry in the coming 24 months

38%

34%

-4%

73%

+35 pts.

Percentage of respondents who “strongly agree”
that blockchain technology is broadly scalable,
and has achieved mainstream adoption

39%

44%

+5%

56%

+17%

Percentage of respondents who “strongly
agree” that their respective organization willlose an opportunity for competitive advantage ifthey fail to adopt blockchain and digital assets

34%

35%

+1%

57%

+23 pts.

Percentage of respondents who “strongly agree”
that their respective executive team believes there
is a compelling business case for the use ofblockchain, digital assets, and/or cryptocurrencies
within their organization or project

36%

35%

-1%

43%

+7 pts.

Percentage of respondents who “strongly
agree” that their respective industry will see
new revenue streams from blockchain, digitalassets, and/or cryptocurrency solutions

35%

31%

-4%

50%

+15 pts.

Top three obstacles to the acceptance and use ofdigital assets globally (% respondents)·Cybersecurity (71%)·Regulatory barriers (63%)·Financial infrastructure (62%)·Financial infrastructure (65%)·Cybersecurity (63%)·Regulatory barriers (60%)

NA·Regulatory barriers (73%)·Privacy (69%)·Cybersecurity (67%)

NA

Top three areas of regulation in greatest need of
modiﬁcation to facilitate adoption of blockchain
and digital assets (% respondents)·Data security and privacy (68%)·Industry-speciﬁc regulations—e.g., FDA, HIPPA (57%)·Internal controls and ﬁnancial reporting (49%)·Data security and privacy (67%)·Industry-speciﬁc regulations—e.g., FDA, HIPPA (56%)·Internal/external audit (49%)

NA·Data security and privacy (63%)·Industry-speciﬁc regulations—e.g., FDA, HIPPA (63%)·Geography-speciﬁc regulations—e.g., EU Data Protection Directive (53%)

NA

Top three blockchain use cases (% respondents)·Secure information exchange (45%)·Digital currency (44%)·Digital identiﬁcation (40%)·Digital currency (47%)·Secure information exchange (42%)·Digital identiﬁcation (41%)

NA·Digital currency (57%)·Secure information exchange (53%)·Regulatory compliance (47%)

NA

Top three digital asset roles for organizations(% respondents saying “very important” role)·Custody of digital assets (45%)·New payment channels or types (42%)·Diversifying investments/portfolios (41%)·Custody of digital assets (47%)·Tokenization of assets (45%)·Access to decentralized ﬁnance platforms (44%)

NA·Custody of digital assets (63%)·New payment channels or types (63%)·Diversifying investments/portfolios (57%)

NA

Top three digital asset areas of impact for·More eﬃcient processes (44%)
organizations (% respondents saying “signiﬁcantly ·Greater compliance and transparency (44%)
positive” impact)·Enhanced trust (41%)·Greater compliance andtransparency (45%)·More eﬃcient processes (45%)·Access to funding sources (43%)

NA·Access to funding sources (70%)·Greater compliance and transparency (59%)·More eﬃcient processes (57%)

NA

Digital asset application cited as oﬀering mostvalue to organization (% respondents)

Signing contracts/agreements orverifying signatures (54%)

Verifying customer billing instructions—e.g., fraud detection (52%)—

Enabling ﬁnancial inclusion or other services—e.g., access to the unbanked (60%)—

Plan to invest >$10 million in blockchain/digitalassets in next 12 months (% respondents)

33%

34%

+1%

46%

+13 pts.

Percentage of respondents in C-suite—e.g.,CEO, CIO, CTO

20%

20%

—

30%

+10 pts.

Percentage of respondents in upper
management—e.g., VP, business line head

44%

39%

-5%

30%

-14 pts.

Percentage of respondents from the United States

33%

31%

-2%

16%

-17 pts.

Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

15

Deloitte’s 2021 Global Blockchain Survey

FIGURE A3

Leading features of central bank digital currencies (CBDCs)
Data protection, innovation, and ease of use serve as leading features of CBDCs
Overall

FSI overall

FSI Pioneers

Q. Which of the following would you consider to be the most importantfeatures and attributes of CBDCs?

43%
42%
44%

Protection against data harvesting by private ﬁrms—
e.g., big techs, ﬁntechs, banks/ﬁnancial institutions

41%

Supporting new payment innovations

38%
46%

Ease of use for in-personpurchases and/or giving of digital money

35%
35%

Restricting use for illicit activities such as
money laundering and terrorist ﬁnancing

35%
34%
33%

41%

Ability to use for large purchases for which physicalcash was previously impractical—
e.g., down payment for a home

34%
36%
41%

30%

Accessibility by those with limited access to adequatebanking services (minors, underbanked, unbanked)

35%
17%

30%

Ability to use for online purchases, for which
physical cash was previously impossible

26%
34%

26%
27%

Ability to use in remote areas with limited orwithout internet connectivity

20%

23%
23%

Fast, low-cost way to send money abroad
to friends and family

14%

0

10

20

30

40

50

Notes: Percentages equal more than 100% because respondents were allowed to submit more than one answer. N=1,280(2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

16

A new age of digital assets

FIGURE A4

Greatest concerns in holding or transacting in CBDCs
Custody stands as by far the greatest concern around CBDCs; such is especially the casefor FSI Pioneers
Overall

FSI overall

FSI Pioneers

Q. What are your organization's or project’s concerns around holding or transacting incentral bank digital currency?

53%
57%

Ability to safely custody or insure the cryptocurrency

77%

49%
47%

Tax and legal implications of transacting or
holding cryptocurrency

54%

45%
46%

Interoperability with existing organization systems,
business partners, and payment service providers

37%

Volatility of the value relative to local ﬁat money

40%
42%

Complexity of internal controls and ﬁnancial audits

38%
42%

47%

33%

37%

Potential public or investor relation challenges

32%
24%

34%
33%

Limited acceptance as form of payment

27%

0

10

20

30

40

50

60

70

80

Notes: Percentages equal more than 100% because respondents were allowed to submit more than one answer. N=1,280(2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

17

Deloitte’s 2021 Global Blockchain Survey

FIGURE A5

Blockchain use cases
Security information represents the most-cited blockchain use case, in keeping with an
overarching theme throughout the survey; digital currency also ranks highOverall

FSI overall

FSI Pioneers

Q. Please select the top use cases of blockchain speciﬁc to your organization or project.

45%

Secure information exchange

42%
53%
44%

Digital currency

47%
57%
40%
39%

Asset tracking and management

31%
40%
41%
43%

Digital identiﬁcation
36%
37%

Regulatory compliance

47%
34%

Financial ﬂow traceability

38%
34%
33%
34%

Digitization of documents and records

43%
32%

Licensing and credentials

27%
29%
32%
34%

Asset tokenization

46%
31%
30%

Product supply chain track and trace

11%
31%
30%

Payments/trading processing

26%

Contracts management

31%
31%
31%

Internal controls

31%
30%
29%
28%

Anticounterfeiting

32%
20%

0

10

20

30

40

50

60

Notes: Percentages equal more than 100% because respondents were allowed to submit more than one answer. N=1,280(2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

18

A new age of digital assets

FIGURE A6

Most-valued digital identity opportunities
While many respondents value digital identify for its veriﬁcation potential, FSI Pioneers
especially see it as a way to foster ﬁnancial inclusion
Overall

FSI overall

FSI Pioneers

Q. Which of the following digital identity applications would oﬀer the most value toyour organization or project?

52%
50%
47%

Verifying customer billing instructions—e.g., spotting fraudulent invoices

Signing contracts/agreements
or verifying signatures

51%
54%
54%

Enabling ﬁnancial inclusion or other services—e.g., access to the unbanked, vaccination records

51%
53%
60%
48%

Conducting initial know-your-customer checks
during new account registration

53%
44%
47%

Verifying counterparty information—e.g., letters of credit

41%
49%
45%
46%
46%

Publishing veriﬁable company
reports or documents

0

10

20

30

40

50

60

Notes: Percentages equal more than 100% because respondents were allowed to submit more than one answer. N=1,280(2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

19

Deloitte’s 2021 Global Blockchain Survey

FIGURE A7

Areas of regulation in greatest need of change
It is perhaps unsurprising that respondents identify data security and privacy as theregulatory domain most in need of modiﬁcation
Overall

FSI overall

FSI Pioneers

Q. In order to facilitate adoption of blockchain and digital assets, which of thefollowing areas of regulation are in greatest need of modiﬁcation?

68%
67%
63%

Data security and privacy

57%
56%

Industry-speciﬁc regulatory issues—e.g., HIPPA, GLBA, FDA

63%

49%
49%
49%

Internal controls and ﬁnancial reporting48%

Geography-speciﬁc regulations—e.g., EU Data Protection Directive, US Patriot Act

43%
53%

46%
49%
49%

Internal/external audit

44%
42%
43%

Smart contracts enforceability

42%

Accounting under US GAAP/IFRS

46%
43%

40%
41%
41%

Know your customer/antimoney laundering

37%
36%

Tax
27%

37%
36%
39%

Securities laws

32%
32%
31%

Money transmission

0

10

20

30

40

50

60

70

Notes: Percentages equal more than 100% because respondents were allowed to submit more than one answer. N=1,280(2021 overall); N=320 (FSI overall); N=70 (FSI Pioneers).
Source: Deloitte’s 2021 Global Blockchain Survey.
Deloitte Insights | deloitte.com/insights

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A new age of digital assets

Endnotes
1.

Deloitte, Deloitte’s 2020 Global Blockchain Survey, June 16, 2020.

2.

Richard Walker et al., “The unique and complex considerations of digital asset custody,” Journal of Securities
Operations and Custody 13, 2 (2021): pp. 150–62.

3.

Deloitte, So, you want to be a crypto bank?, April 2021.

4.

Deloitte, Corporates investing in crypto, accessed July 22, 2021; Deloitte, Corporates using crypto, accessed July 22,
2021.

5.

Deloitte, “Evolution of digital assets, bitcoin, and mainstream investments,” January 2021.

About the authors
Linda Pawczuk | lpawczuk@deloitte.com
Linda Pawczuk leads Deloitte Consulting’s Global and US Blockchain and Digital Assets group. In her
30-year career, Pawczuk has been recognized for strategic leadership and successful execution oflarge, complex global transformation program areas central to blockchain’s future. As a thought leader,
she has published work with WEF, MIT, and WSJ, and presented to business and technology audiencessuch as OECD, Davos, NYT, and the G100 Network.
Richard Walker | richardwalker@deloitte.com
Richard Walker serves as the head of Blockchain and Digital Assets for Deloitte Consulting Financial
Services and the subsector leader for regional banking. Walker has deep industry experience and has
driven disruptive technology strategies across the globe for some of the largest and most innovative
global bank and nonbank financial services companies. Walker has been delivering solutions in theblockchain space since 2015.
Claudina Castro Tanco | ccastrotanco@deloitte.com
Claudina Castro Tanco leads operations and GTM efforts for Deloitte Consulting’s US Blockchain and
Digital Assets group. During her 20+ year career, and especially her last five in the practice, she hassustained singular focus on understanding and harnessing technologies to enable sensible real-world
impact, delivering global, high-impact blockchain-enabled solutions. A native of Uruguay, she hasdelivered technology-enabled transformations across the Americas.

21

Deloitte’s 2021 Global Blockchain Survey

Acknowledgments
The authors express their deep gratitude to the following for their contributions to the development of
this report (in alphabetical order): Tim Davis, Brian Hansen, Jonathan Holdowsky, Rob Massey,
Antonio Senatore, and Paul Sin.
The authors also express their appreciation for the support that made this report possible (inalphabetical order): Mary Hughes, Carmen Levy, Paige Montgomery, Dan Mucisko, Tracey Parry,and Gina Sanchez.

Contact us
Our insights can help you take advantage of change. If you’re looking for fresh ideas to address yourchallenges, we should talk.

Practice leadership
Linda Pawczuk
Global & US Consulting Blockchain and Digital Asset leader | Principal | Deloitte Consulting LLP+1 720 264 4854 | lpawczuk@deloitte.com
Linda Pawczuk is the Global & US Consulting Blockchain and Digital Asset leader and a principal at
Deloitte Consulting LLP.
Richard Walker
Head of Blockchain and Digital Assets for Deloitte Consulting Financial Services | Principal
Deloitte Consulting LLP+1 212 618 4075 | richardwalker@deloitte.com
Richard Walker serves as the head of Blockchain and Digital Assets for Deloitte Consulting Financial
Services and the subsector leader for regional banking.
Rob Massey
Global Tax Blockchain and Digital Asset leader | Partner | Deloitte Tax LLP+1 415 783 6386 | rmassey@deloitte.com
Rob Massey is the Blockchain and Digital Asset leader for the global firm, serving companies
throughout the blockchain ecosystem.
Brian Hansen
US Audit & Assurance Blockchain and Digital Asset leader | Partner | Deloitte & Touche LLP+1 415 783 8238 | brianhansen@deloitte.com
Brian Hansen is the Audit and Assurance leader for the US Blockchain and Digital Asset group.

22

A new age of digital assets

Tim Davis
Global Center of Excellence for Blockchain Assurance leader | Deloitte & Touche LLP+1 206 716 7593 | timdavis@deloitte.com
Tim Davis leads Deloitte’s Global Center of Excellence for Blockchain Assurance and in that role
coordinates our global approach to providing assurance over blockchain and digital assets.
Paul Sin
Asia-Pacific Blockchain Lab leader | Partner | Deloitte China+8 522 852 6448 | psin@deloitte.com.hk
Paul Sin has more than 20 years of IT management and consulting experience and currently leads the
Asia-Pacific Blockchain Lab.
Antonio Senatore
Global CTO Deloitte Blockchain Team and EMEA Blockchain Lab | Deloitte Ireland+3 531 417 2300 | asenatore@deloitte.ie
Antonio Senatore is a senior technology advisor who currently serves as CTO of the Global Deloitte
Blockchain Team and leader of the EMEA Blockchain Lab.
Michael Marzelli
US Audit & Assurance Blockchain and Digital Asset leader | Partner | Deloitte & Touche LLP+1 212 313 1543 | mmarzelli@deloitte.com
Michael Marzelli is a leader in the Audit and Assurance US Blockchain and Digital Asset group.

The Deloitte Center for Integrated Research
Jonathan Holdowsky
The Deloitte Center for Integrated Research | Senior manager | Deloitte Services LP+1 617 437 3198 | jholdowsky@deloitte.com
Jonathan Holdowsky is a senior manager with Deloitte Services LP and part of Deloitte’s Center for
Integrated Research, leading thought leadership initiatives that explore the promise of emerging anddisruptive technologies.

23

Deloitte’s 2021 Global Blockchain Survey

About the Deloitte Center for Integrated Research
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