The past year may not be very bright for the crypto industry. The collapse of FTX and other crypto firms spread a lot of imbalance among the community. However, it seems that the decentralized sector is quickly recovering. Not only is it reviving but it’s also going forward while making some very progressive strides.
Survey Unveils A Positive Road Ahead
A survey was conducted recently to find the sentiment of organizations towards crypto. As some hoped, it revealed that enterprises are quite keen to adopt blockchain. It divulges how the firms are ready for digital assets in any form. They are ready for CBDT, smart contracts, and blockchain-based fintech solutions as well.
In the statement, Citi pointed out that Distributed Ledger Technology (DLT) has already become a prominent solution. It is managing billions of dollars in the financial ecosystem that includes 20 leading organizations. The survey also revealed a very interesting fact that goes against popular belief.
It stated that companies aren’t facing issues with technology. They are struggling with people and their adoption. The survey also gives a categorized account of different continents’ approaches towards crypto. It mentioned that Latin America and Asia are both focused on bringing liquidity and extensive adoption. On the other hand, Europe is going down the regulatory road with MiCA.
In North America, banks and investors are now eyeing excellent returns from different asset classes. About 51% of the surveyed companies feel that regulatory intervention could impede the growth of crypto. They especially pointed out North America and Europe in this context.
It also emphasizes the growing influence of central bank digital currencies (CBDC). As per the report, 87% of market participants expect it to become viable before 2026.
The Meteoric Rise of DLT
By all accounts, DLT has emerged as the fastest-growing crypto solution. As per the survey results, 87% of the custodians are using DLT. While some have resorted to digital asset projects, 25% of asset owners have open and active projects. As far as non-engaging entities are concerned, it is about three-quarters.
The survey projects DLT as a technology that will deliver great results. It also highlights how digital assets are now looking at the bigger picture. They are aiming to reform the whole financial ecosystem that users are used to. With this aim, the projects are able to bring in more farsighted benefits for the users. At this point in time, one should also look into the practical usage of crypto.
Highlights of Distributed Ledger Technology
Evinces Ownership: It makes the ownership highly visible and keeps transactions on the open-source blockchain.
Automates Contracts: It automatically executes the contracts and makes their processing seamless.
Transparent Voting: In this ecosystem, voting becomes transparent and very reliable.
Safeguards Identity: The distributed ledgers create identities that cannot be tampered with in any way.
Records Transactions: Not only does it record the transactions, but it also makes them totally indelible.
Conclusion
The survey has certainly pointed out positive developments in the crypto sphere. It indicates that industries are ready to go to the next level of blockchain adoption. With the expansion of DLT, it seems that companies are quite ready to take the jump. Thus, the crypto community has hopes and it’s certainly impacting the market positively.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/24/citi-survey-shows-that-74-firms-are-keen-to-adopt-crypto/