05 Nov Quotient Capital’s view on Worldwide Developments of Blockchain cryptocurrency
Cryptocurrency is reliable, anonymous and decentralized. These valuable traits mark the case for a global phenomenon that has jumpstart innovative minds to latch onto new ideas and applications for this uprising industry.
The trending growth of cryptocurrency aided by soaring cryptocurrency prices in 2017 is the pulling force for businesses and corporations to congregate and gain access to any resources needed tap into the market.
Cryptocurrency is not merely cash that is used for barter trade but an industry with technology that is dynamic and malleable to replace deficiencies in other industries.
Currently, the marketplace has seen many examples of blockchain applications impacting different industries including cybersecurity, payment processing and forecasting. The list is endless and in order to give a sense of the far-reaching influence of cryptocurrency, below are the latest updates on how businesses are harnessing the power of blockchain worldwide.
In 25 October 2017 during HKMA Fintech day, the Monetary Authority of Singapore (MAS) and Hong Kong Monetary Authority (HKMA) pledged to work on a trade finance cross-border platform using blockchain technology to improve security and processing speed. The blockchain project is a pioneering initiative within the region to meet the demands of a group of seven banks in Hong Kong to commercialize a blockchain-based production system to digitalize and exchange documents, automate processes and improve security.
“This interface is likely to be the first of its kind in the world in the application of distributed ledger technology (DLT) in solving the century-old problem arising from the inefficiency of the paper-based trade finance system,” said HKMA head Norman Chan.
In other parts of the continent, Argentina announced that the Mercao de Termino de Rosario or Rofex would be adding cryptocurrency services to its platform. It is a leap forward to currency independence for a country with pervasive inflation and tight currency controls.
It coincided with CME Group, the world’s leading and most diverse derivatives marketplace to become the first regulated U.S exchange to offer bitcoin futures in 2017. Together, they will reach out to a wider audience and encourage trading activity.
As the impact of cryptocurrencies develop further into our daily lives, it is impossible to neglect this rising industry. The financial industry have a huge appetite for cryptocurrency talents and it has been a challenge to locate a sufficient pool of workers to feed that appetite.
In western countries, universities have accepted cryptocurrency as an integral part society, implementing blockchain and cryptocurrency –related courses to produce future generations of the industry. Schools including Princeton, Stanford and UC Berkeley offer courses such as ‘Digital Currency’, ‘blockchains’ and ‘smart contracts’.
Jon Downing, CEO of Quotient Capital commented, “It is not by chance that cryptocurrency is on a path leading to success. The evolution of blockchain technology is widely accepted and understood globally by experts in every field to reach this stage of maturity. I can only expect progression to grow exponentially as more people join in to break new heights with new technologies. Quotient Capital is hopeful on its path in this leading industry as the future unravels more compelling news on the untapped market.