Blockchain and Cryptocurrency have been the buzzwords of the industry for the last few years. But has anyone actually started to invest and adopt the tech?
23% of Digital Currency Groups portfolio firms believe that tokenizing assets will be the next major way in which blockchain technology will be used. Following their 2019 annual survey, a quarter of the 60 polled portfolio companies think that asset tokenization will be one of the use cases to the blockchain.
On the other hand, 30% of the companies see the major use mainly on payments in the future.
Additional Use cases
While the payment sector is no doubt one of the largest adopted segments, there have been significant increases in other areas as well.
- Supply Chain at 4.55%
- Privacy Tech at 7.58%
- “Single Source of Truth” at 9.09%
- Decentralized Marketplaces at 12.12%
- Digital ID at 13.64%
- Asset Tokenization at 23.73%
Opinion on Bitcoin
71% of the respondents about Bitcoin said that it would be a store of value. This opinion was made during a prediction for the BTC use case in the coming 5 years. 29% of the participants see possible use of Bitcoin on payment networks, everyday commerce, cross border remittances and circumventing oppressive regimes.
When it comes to regulations, 31% of the portfolio companies stated a lack of regulatory progress currently. 53% stated that the regulatory environment is the ‘public enemy’ to the cryptocurrencies and blockchain compared to other possible threats.
Expectations of the industry
In September, KPMG (Big four Auditor) published a survey that stated that 82% are ready to use blockchain token. 79% stated that they would use blockchain tokens only if they were more simplified to engage with. During the same month, the ING Bank survey showed that 41% of the Europeans have high expectations in regards to the blockchain whereas 23% have low expectations. On other news, 32% of the total number interviewed viewed cryptocurrencies as the future to online spending