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Why Blockchain Technology Remains Transformational and at a Tipping Point

IMD | | Jul 25, 2022

blockchain use cases globally - Why Blockchain Technology Remains Transformational and at a Tipping PointThe sharp fall in the value of cryptocurrencies this year is misleading. The underlying blockchain technologies remain truly transformational across a host of business applications – and are at a tipping point for adoption.

Regardless of the current price of Bitcoin, digital decision-makers can benefit from understanding how blockchain works and why it matters. Retail investors are enduring a deeply painful year, but there are four major reasons why blockchain technology is likely to continue to flourish and remain a source of value for digital leaders.

1. Blockchain technology is driving major innovation

  • Major innovation in the finance sector (i.e., DeFi) A cryptocurrency is simply a decentralized payment system powered by blockchain technology, which also supports applications including digital wallets, decentralized borrowing and lending, decentralized exchanges, alongside more traditional finance operations.  Also driving innovation in many other sectors, ranging from healthcare to shipping and insurance to music.

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  • Supports large networks that are both decentralized and secure, with the ability to exchange currency or data efficiently.
  • The versatility of blockchain technology means that every business leader can find a use case that allows them to envisage how blockchain could be used to innovate meaningfully in their organization.
  • Governments, too, are using blockchain technology to innovate. Since 2018, the United Nations has described blockchain technology as integral to “a unique moment in history:”

2. Blockchain will disrupt legacy institutions

Many legacy enterprises play the role of intermediary, because, without blockchain technology, a trusted third party is required to complete most transactions. Blockchain has serious potential to disrupt legacy institutions by eliminating the need for intermediaries, enabling individuals to interact directly and securely.  There is a growing list of sectors that are likely to be disrupted as a result of this, including banking, data storage, music, social media, hospitality.

3. Blockchain continues to mature

  • As with the early internet, blockchain technology remains clunky and a work in progress. However, widespread adoption is driving a steep maturity curve, including the proliferation of new operating protocols and applications, making the technology safer and more intuitive to use.

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  • Another crucial aspect of maturation of the blockchain sector is regulation. While regulatory tightening and refinement is a natural process within sectoral maturation, it is to be welcomed as a further safeguard for investors.

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NCFA Jan 2018 resize - Why Blockchain Technology Remains Transformational and at a Tipping PointThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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