2019-2021, the evolution of the blockchain

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Two years is certainly not a long time, but when it comes to blockchain technology, evolution can take giant leaps. Comparing The two Deloitte reports for 2019 and 2021, it is possible to see enormous progress.

Two years of blockchain evolution

At the start of 2019 report, Deloitte wrote:

“In 2019, something big seems to be happening. What has emerged is a shared recognition that blockchain is real and can serve as a pragmatic solution to business problems across all industries and use cases ”.

In the introduction, the aim of the authors of the report was to ask not if the blockchain worked, but how it could be made functional in specific situations.

In practice, they envisioned a scenario where the technology would be applied in different sectors.

Two years later, the The Covid 19 epidemic has changed the world and accelerated the digital revolution, especially in financial systems and digital assets.

The 2021 report States:

“The business imperative to embrace blockchain and digital assets is growing significantly as organizations increasingly accept that their current business models are at stake. More than three-quarters of ISP respondents are either very or somewhat of agreement that their organization will lose an opportunity for competitive advantage if it does not embrace blockchain and digital assets ”.

In 2021 the blockchain is disruptive

From promise to disruptive model

In both surveys, Deloitte shows how companies are responding to the advent of blockchain and digital assets.

In 2019, the blockchain has been mentioned as a promise ready to disrupt the business world. At the time, more than half of those surveyed gave themselves three years to evaluate blockchain technology. 60% say they are confident about the potential of blockchain.

Granted, in 2019, blockchain technology was still quite tied to digital currencies in the common mindset. Companies were reviewing it and trying to figure out how to use it, while other types of users were starting to understand that the blockchain was not limited to creating alternative forms of money.

In 2021, Deloitte notes that blockchain has become a dominant paradigm in financial services. It intervenes in payments, loans, investments, exchanges:

Deloitte writes in this year’s report:

“The very nature of financial instruments, from money to stocks, and the infrastructure for any type of transaction is changing, for the better.”

2019 predictions vs 2021 predictions

In 2019, Deloitte noted that the financial system is moving closer to the blockchain world in trying to figure out how to put it to good use. Use cases are multiplying and opening up new horizons and possibilities.

Although the report’s authors themselves admitted that it was difficult to predict the future, the trajectory of blockchain appeared to be pointing upwards. By 2019 it was clear that blockchain brought previously unimaginable strategic advantages.

In 2021, the rise of blockchain and digital assets has had a disruptive impact. It was not a promise of kept growth but a radical change brought about mainly by digital currencies. This posed problems, primarily data privacy and user security.

Banks and financial institutions have nevertheless realized that they cannot be left behind. a changing world. They take note that stablecoins exist, CBDCs and other cryptocurrencies will exist.

This affects the financial sector and banks in particular, although the magnitude of the change has not yet been assessed. However, the advantages are obvious, in terms of speed of transactions and reduced commission costs. Banks, according to the Deloitte report, have no other means than to embrace change. In short, there is no other way than to accept evolution:

“Participation in the age of digital assets is not an option, it is inevitable. Leaders just have to decide how and when their organizations should get started and how to use digital assets and the new global financial services infrastructure to their greatest advantage ”.




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