The technology behind Bitcoin and other cryptocurrencies has a growing use of applications for a number of industries. Here, four experts explore the strategic business value of blockchain in finance and beyond
As blockchain enters the mainstream, what value does the technology bring?
The strategic business value of blockchain is growing.
Initially, blockchain technology powered the infamous cryptocurrency boom, giving rise to Bitcoin, Ethereum and much more. But, now the applications for blockchain technology are growing in a number of industries.
It’s presence is felt more than any other in mainstream finance, where it has gained huge momentum.
“Once a niche for crypto-experts and coding buffs, now big traditional institutions and even central banks are looking to blockchain as they build the foundations for the next generation of financial services,” explains Dmitry Tokarev, CEO and founder, Copper Technologies.
Below, taking into account the impact of the current pandemic on the healthcare and financial systems, Tokarev and three other experts explore the strategic business value of blockchain in finance and beyond.
1. The implications of Covid-19
Tokarev believes that in the investment space, the rise of Covid-19 and the resulting economic turmoil has led institutional investors, from traditional hedge funds to major banks, to begin looking at cryptoassets as a hedge against the market and impending inflation.
He says: “10 years ago, a bank like JP Morgan would have been extremely sceptical of cryptocurrencies — now they offer a