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Blockchain technology is still in its infancy, but companies like IBM are rapidly adopting a variety of ways to use it. Analysts have suggested use cases from the bitcoin meteoric rise a couple of years ago, but we are only now starting to see some of these implemented use cases. Meanwhile, experts continue to look years into the future, trying to predict where the technology will be used.
Speakers discuss the future of blockchain technology
Canaccord Genuity analyst Michael Graham attended the Money 20/20 conference this week to learn more about criptoassets and blockchain tech. Among the panels he covered in his conference report, two focused on the future of technology. The experts shared their predictions on how the blockchain will be used for more than 10 years and also on what they think will be the next phase for the cryptoassets.
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According to Graham, the general consensus on blockchain technology right now is a feeling of "optimism and excitement for what lies ahead." He also said that experts see the blockchain and the technology of the boss still distributed at the innings, even if the bitcoin, the first vital cryptocurrency, now almost 10 years old.
Blockchain technology in 2030
Graham believes the panel on the future of the blockchain is the "most controversial" panel on technology. BTCC co-founder and CEO Bobby Lee tackled Blockchain leader IBM Dave Maddox, Juno Consultant Jill Carlson and Bloq Chairman and Co-founder Matthew Roszak. Each expert had his own vision of how the blockchain will appear in 2030.
For example, Lee said he has not yet seen any use of blockchain beyond cryptocurrencies. He sees the greatest limits for blockchain which is "truly unique and differentiated from traditional databases". A true blockchain requires that some information be publicly verifiable.
Maddox is not in agreement with Lee, saying that IBM has already successfully implemented its blockchain strategy with over 500 commitments and about 25 more in production. He mentioned one as a food trust network for Walmart, Carrefour and others in the food sector.
Carlson emphasized that the confusion about continuous technology is in blockchain and in criptoassets. Roszak focused on the variety of tokens, which is expected to increase dramatically over the next few years, as stablecoins, asset-backed tokens and many other types gain traction.
Blockchain tech on Wall Street
Graham also highlighted a panel that discussed the use of blockchain in the global financial sector. We have already seen some implementations in this area, but the pike will most likely arrive.
For example, Jennifer Peve of the Depository Trust and Clearing Corporation said they are considering how blockchain technology can change the way transactions are performed. He said they are also discussing ways in which LEDger distribution technology is "uniquely qualified to resolve critical points with the existing system," Graham explained.
As for the specifications, Peve suggested that the accounting books distributed one day will replace the current payment infrastructure. He added that attempts to place the blockchain on the current infrastructure did not work and instead led to additional expenses.
Dave Morehead of Pantera Capital also stressed that blockchain could reduce commissions associated with transactions, especially in cross-border payments. In the meantime, the technology could increase the number of completed transactions, thus improving the user experience.
Another topic that emerged during the round table was the stock tokens, which Igor Denisov of Polymath said could make it easier for all investors to make venture capital investments. The speakers also denied the misunderstanding that money launders like to use cryptoassets.
Beyond the "dial-up days of crypto"
Another round table on blockchain technology was considered short-term for blockchain technology. Katie Haun of Andreessen Horowitz and Asiff Hirji of Coinbase talked about the next potential phase for the cryptoassets.
According to Graham, Haun explained Crypto's potential as a way to provide financial services to 2 million individuals not received worldwide. The unlaced population of the world not only does not have bank accounts, but many do not have the correct ID needed to open an account. Hirji added that although the legal currencies are not bad, the cryptoassets could solve some of the problems that prevent part of the world population from being able to participate in the financial system, such as high taxes.
Participants in this discussion also discussed stablecoins, which are anchored to more stable assets in order to reduce price volatility. Hirji considers the stablecoin a major breakthrough in cryptographic innovation, while Haun believes that stablecoin is the key to "Internet 3.0," Graham said. He equated the current status of the cryptoassets with the "dial-up days of crypto", adding that many people seem to think that their current state is permanent rather than developing.
This article originally appeared on ValueWalk Premium
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