The World Will Never Be The Same After Bitcoin
Blockchain never went beyond the financial sector – research
Blockchain is still a technology of the predominantly financial market
USA and China will take the baton of economic centers’ championship from Switzerland and Great Britain
Blockchain product patenting remains the most popular practice among financial giants
Despite its vast potential for use, Distributed Ledger Technology (DLT) is an electronic database system distributed across multiple network nodes or … More remains popular mainly among financial giants
The interest of financial companies in blockchain continues to grow, although the format of interaction with technology is changing. This is the conclusion reached by the experts of the analytical center MINDSMITH in their latest report with the support of the international law firm Clifford Chance.
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According to the published study, the leaders in the implementation of blockchain technology are the American financial giants JPMorgan Chase and PayPal, the first Chinese commercial bank with a share capital of China Merchants Bank, as well as payment systems Mastercard and Visa..
At the same time, the average annual growth rate of the index of interaction of financial institutions with blockchain technology for the period from 2014 to 2019 amounted to 168%. The largest increase was recorded in the field of patenting of blockchain products – 226%, note in MINDSMITH.
Change of world leaders
In addition to purely financial institutions, insurance companies are also interested in the blockchain industry, although their interest is more focused on smart contracts and concepts of sovereign identity..
MINDSMITH analysts expect increased competition between US and Chinese financial institutions in the use of blockchain technology in the next couple of years. Earlier, US Federal Reserve Chairman Jerome Powell urged not to rush to the implementation of digital currencies of central banks (CBDC). technologies. At the same time, China has deployed a full-scale machine to digitize the economy, actively testing the digital yuan. China’s financial regulator has been working to create a digital asset for several years. During this time, a large number of … More.
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Oleg Shibanov, director of the Center for the Study of Financial Technologies and Digital Economy at Skolkovo-NES, believes that the blockchain has already reached the level when the technology is taken seriously by major players:
“The fact that financial institutions have come to a conclusion on the spectrum of blockchain applications and have moved on to creating working prototypes and patenting blockchain inventions means that technology experts are finally being listened to, and the market is becoming more mature.”.
It is noteworthy that in the case of traditional financial centers like Switzerland and the UK, on the contrary, a significant lag in the development of the blockchain was found..
Recall that at the end of May, the authorities of the Swiss city of Zug refused to create a separate fund in the amount of $ 102.7 million to help the “cryptocurrency valley”, and the British regulator completely banned the sale of cryptocurrency derivatives to individual investors.
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