Confidence in the Success and Positive Impact of Blockchain and Cryptocurrency Drives Technology Toward Mainstream Adoption
WASHINGTON, Jan. 19, 2022 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced its Technology segment’s report on the state of blockchain technology and cryptocurrency adoption in fintech and financial services. Based on an in-depth survey of decision makers at organizations with an average annual revenue of $11.6 billion, The State of Blockchain Technology and Digital Assets in Financial Services: A Benchmark on the Disruption of an Industry, revealed that investment in blockchain technology or cryptocurrencies will be a high or significant priority over the next 12 months. Respondents indicated they are spending an average of $176.4 million per year on these projects, and plan to increase spending by 61% in the coming year.
The increase in investments is largely fueled by significant confidence in the success of blockchain and cryptocurrency projects and belief in the positive benefits they will bring to businesses, governments and consumers. Among organizations that have already launched programs, 75% consider them very successful. Additionally, more than 85% of respondents said they believe the net impact of blockchain technology will be positive for all stakeholders.
“We’ve worked with dozens of clients in the blockchain and cryptocurrency space as well as those with an emerging interest in it,” said Steven S. McNew, a Senior Managing Director within FTI Technology and Head of the segment’s Blockchain and Cryptocurrency practice. “We’ve been engaged to make sense of technical underpinnings, clarify the meaning of new terminology, advise on infrastructure and solve completely novel problems. It’s exciting to see that financial institutions are prioritizing this innovation and embracing disruption, but it’s also important to remember that as with any emerging technology, progress will require evolving education and risk preparedness.”
The report identified several key areas of progress and challenge. These include:
- Blockchain investment is now a high priority among 95% of decision-makers in the financial industry.
- 92% of respondents believe that banks and financial institutions will fully adopt blockchain technology in the next three years.
- Nearly 70% of decision makers surveyed said they expect blockchain to create a fundamental or high level of change within their business at present day, and 79% expect this to be true within the next 10 years.
- 77% think they are ahead of the curve in their investment or research into blockchain and cryptocurrency.
- 90% of respondents agree that regulation is needed for cryptocurrency markets.
- More than 80% agree that people continue to struggle to distinguish between blockchain technology and cryptocurrency.
- More than 60% of respondents have a complete client offering or a dedicated team working on blockchain technology infrastructure.
The State of Blockchain Technology and Digital Assets in Financial Services: A Benchmark on the Disruption of an Industry is available for download here.
Demographics and Methodology
During October 2021, FTI Consulting surveyed 150 U.S.-based decision makers at financial institutions that have considered or are considering investing in blockchain, digital assets or cryptocurrency technology.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 6,600 employees located in 29 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $2.46 billion in revenues during fiscal year 2020. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.
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Source: FTI Consulting, Inc.