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Tag Archives: Blockchain Adoption

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Blockchain Scalability: Why there is Need for Financial Institutions to be Patient

    by David Drake     The emergence of blockchain technology has brought hope for faster, more secure and more affordable transactions for entities across sectors. Since its invention, the technology has become a basis for innovating solutions to address pressing problems in conventional systems due to its ability of increasing transparency. Blockchain-based projects include platforms such as IOU, designed to improve e-commerce, and BlockVest, a virtual platform that enables investors to manage their digital asset portfolios. But not all blockchain innovations have to do with business and investment. URAllowance is setting up a blockchain platform to enhance interactions between parents and their children. On the other hand, SportsFix is utilizing blockchain to improve access to sports contents for sports fans. But while the biggest application of blockchain technology is expected to happen in the financial sector, concerns are emerging regarding whether or not the technology can handle  demands from ... Read More »

Can Conflicting Interests Reduce Blockchain Adoption in the Finance Industry

  by David Drake     The status of services in the banking sector is characterized by time lags and high transaction costs. For these reasons, blockchain has been hailed as a revolutionary technology due to its ability to reduce transaction costs and increase the effectiveness of cross-border transactions. But big banks are now beginning to question the ability of blockchain to solve these problems and whether the technology has matured enough to warrant large scale application.  Big banks such as Russia’s Central Bank, the Bank of Canada and the Central Bank of the Netherlands are among leaders in the banking industry that have raised these concerns. Their concerns come soon after Western Union’s CEO claimed that cost of payments had not reduced after six months of testing the Ripple XRP. Looming Competition But cryptocurrency players seem to view the situation differently and are critical of these negative commentaries. Alex Karasulu, ... Read More »

Findings show that Large Companies are No Longer Clueless on Blockchain

  by David Drake     Corporations are now seeing a compelling business case for blockchain, a survey by Deloitte shows. During the Consensus event in New York last month, Deloitte presented findings that show a notable shift in momentum towards blockchain. Large companies are now exploring the potential of this dynamic technology to build practical business applications. The findings show that many global firms plan to move forward with blockchain. Some of them already have the technology in place while others aim to launch their applications by next year. Need to Standardize For Reginald Ringgold, founder of BlockVest Decentralized Exchange & Index Fund, standardization is important to avoid corporations from squandering their money. “Before banks and traders can rely on a distributed ledger technology as the vaunted “single record of truth,” there first needs to be better standardization. Yet as it stands, they use a hodgepodge of data structures and formats ... Read More »

Why Corporates are Shifting Focus towards Blockchain Application

  by David Drake     A Deloitte survey conducted in the months of March and April 2018 shows more than 70% of leading corporates are exploring possibility of integrating blockchain technology on their business platforms. According to Linda Pawczuk, Deloitte’s U.S. financial services blockchain group head, the results from the survey showed a momentum shift towards exploring the potential of the emerging technology and the practical application of blockchain in businesses. This increase in corporates that are interested in blockchain is likely to boost the growth of the cryptocurrency industry on a global scale. Carl Kirchhoff, CEO and co-founder of SportsFix says, “Mainstream adoption of blockchain by Fortune 500 companies worldwide solidifies blockchain’s technological importance in the fabric of disruptive technologies. Corporate internal initiatives that adopt blockchain technologies will help drive innovation and adoption within the industry at a cost of possibly marginalizing one of the communities main tenets of of transparency ... Read More »

Deloitte Blockchain Survey: What it Means for the Cryptocurrency Industry

  by David Drake    According to Netscribes INC., the global blockchain technology market will be worth  $13.96 billion by 2022, growing at a compound rate of 42.8%. This growth will likely be due to the uptake of the blockchain technology by mainstream industries in order to gain a competitive edge. This view has been supported by a recent Deloitte survey that drew respondents from 1000 large companies in 7 countries. The outcome of the survey shows that 74% of the respondents feel there is compelling reason to use blockchain technology in building practical business applications. Additionally, 34% of the businesses sampled pointed out that they have already initiated production of some form of blockchain technology. Further, 41% of the sampled are targeting to introduce a blockchain technology application in the next year. Far-Reaching Impact Proponents of blockchain technology point out that the economy will face a second shift from having ... Read More »

How Research and Social Impact Initiatives will Accelerate Blockchain Application

  by David Drake   Impact investing is trending globally, attracting both individual and institutional investors.  At the beginning of 2016, the global ‘impact’ market stood at just below $23 trillion. On May 31, 2018, a leading cryptocurrency trading exchange, Binance, joined impact investing when it announced plans to launch a $1 billion venture capital fund dubbed the “Social Impact Fund”. Through this fund, Binance is looking to finance projects that apply blockchain on specific areas, including custodial solutions, decentralized exchanges, stablecoins, and security token platforms. A few days after the Binance announcement, cryptocurrency and payment startup, Ripple, broadcasted its $50 million “University Blockchain Research Initiative” program. Ripples’  fund is aimed at facilitating research and development in digital payments, blockchain and cryptocurrency across the globe, with 17 universities in the list. Based on each fund’s focus, the impact initiative targets the people playing field, while the research initiative targets the ... Read More »

Why Corporates are Keen to Adopt Blockchain Technology

  by David Drake     Blockchain technology is taking the world by storm. Its decentralized and transparent nature, coupled with fast speeds promises to revolutionize the way people transact and run their businesses in the future. As adoption of this technology spreads across sectors, corporates are not being left behind. At the beginning of this year, Amazon and Starbucks went public with their intentions to include blockchain in their business models. From the look of things, these are not the only global companies that want a piece of the ‘blockchain pie’. Research findings released by Deloitte this past month indicate that at least 74% of companies in different countries are considering blockchain technology with the aim of developing business applications. Strengthening Collaboration The move by companies to get into the blockchain technology space is expected to yield a corresponding increase in this technology’s application within the business world. According to ... Read More »

Why More Companies are Set to Join the Blockchain Bandwagon Next Year

by David Drake Survey results presented by Deloitte during the recent Consensus event show that corporations are changing momentum and opting to explore the possibility of blockchain to build practical business applications. According to the survey, 74% of large firms see a compelling business case for this dynamic technology. The survey was conducted between March and April of this year in seven countries including France, Canada, China and the US. More than 1,000 executives drawn from industries such as healthcare, technology, media and finance participated in the survey. Almost half of them expressed interest in this “trustless ecosystem” and mentioned their firms already have a blockchain system in place while 41% aim their technology to be operational next year. Inevitable Growth According to Juan Imaz, CEO and founder of Profede, application of blockchain technology has already started in some industries. He says, “Throughout various industries from healthcare to finance, blockchain’s breakthrough technology is ... Read More »

Does Blockchain Technology Present a Compelling Business Case for Corporates?

by David Drake A new Deloitte survey presented at the Consensus 2018 Annual Conference in New York City shows that an increasing number of major companies are now exploring the application potential of blockchain technology in business. According to the survey, 74% of major companies across seven countries are shifting their momentum to blockchain technology and its practical application in business. It is expected that the rising uptake of blockchain by corporations will boost growth of its application in various industries in future. Linda Pawczuk, the head of Deloitte’s U.S. financial services blockchain group says, “Blockchain is moving quickly from proof of concept to ‘proof of practical’ with real-world, actionable solutions.” The Global Scale While the application of blockchain technology cuts across every sector, there are industries that are likely to benefit more than others. Nick Machulis, CEO of TransCrypt says,“We believe that the main areas of development of the blockchain will ... Read More »

How Amazon and Walmart will Spearhead Blockchain Revolution

by David Drake The popularity of blockchain is growing rapidly across sectors. In the process, this growth is creating numerous investment opportunities for entrepreneurs and investors alike. Recently, we have witnessed several corporates integrate blockchain and cryptocurrency into their business models. Today, initial coin offerings (ICOs) have become a preferred way of raising capital compared to one year ago. Going mainstream The decision by Amazon and Walmart to integrate blockchain technology into their businesses is a big boost for the cryptocurrency industry. It is no doubt a vote of confidence that blockchain and cryptocurrencies are legitimate and a worthy investment according to Massimiliano Rijllo, CEO of Coinnect. He says, “Walmart and Amazon moves are strong endorsements for blockchain and a clear sign that we will soon see many real applications for business. Until now, most efforts were concentrated on the development of “Protocol” and “Networking” layers with many interesting projects basically ... Read More »

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