Invest in blockchain has gone through various degrees of legitimacy. With experts now pointing to the end of an experimentation period, could the blockchain investment proposition be reaching the next phase of maturity?
In a market report, business research firm Deloitte confidently proclaims that the current decade belongs to blockchain, and it all started in 2020.
In a year heavily impacted by the effects of a global pandemic, blockchain is seeing some benefits as it reacts to the new challenges facing virtually every active industry.
Are you thinking to invest in blockchain?
Here the Investing News Network (INN) offers investors a look at the upcoming year for this sector and what experts are expecting to see.
Blockchain outlook: Extra time at home creates adoption opportunity
According to Deloitte, blockchain has undergone a transition as observers start asking what blockchain can do for their industries, instead of questioning whether this technology actually works.
“As new industries explore blockchain applications they do so in ways that reflect their own respective operational and strategic needs,” Deloitte states in its report.
According to one expert, this exploration process may have received a boost in 2020 thanks to a determining factor for the year in business: COVID-19. Abhishek Sinha is a senior leader with EY Canada tasked with overlooking various technology spaces, including blockchain. Sinha told INN the impact of reevaluating industries and changes to workplace environments pushed the conversation for blockchain.
“COVID-19 has forced people’s hands or has forced the hands of the economy and the ecosystems to go digitally native … there’s been a massive acceleration,” Sinha said.
Andrew Grovestine, vice president, clearing and settlement, with the Canadian Securities Exchange (CSE), said he has also noticed an uptick in interest for the sector, but signaled that a lack of education on the subject is still the biggest challenge affecting the entire industry from an investment perspective.
“Investment dealers are embracing technology, but crave for more information on how it affects them and their customers,” the CSE representative said.
Heading into the beginning of the pandemic, one executive with hands-on experience in the blockchain marketplace told INN he was worried about a potential downturn in business at-large. In the end, however, he found the opposite to be true.
“And to my surprise, I think it really helped to improve the adoption rate towards blockchain technology,” said Ed Nwokedi, founder and CEO of RedSwan CRE. “I had more success in reaching out to people and also people coming back to me with many questions than I had in previous months or previous years.”
RedSwan CRE is a platform offering a marketplace for digital securities with an interest in commercial real estate tokenization. “We wanted to make sure that anyone interested in investing into digital assets has a variety of assets to look at it so they are not just focusing on one opportunity,” Nwokedi said.
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