The Blockdaemon team attended the Money 20/20 conference in Las Vegas last month. Below we share 4 Digital Asset and blockchain related themes - . These trends may well shape the future of blockchain and digital assets.
1. Increasing blockchain adoption in traditional finance
- It is now increasingly rare to find a Tier 1 financial services institution, or large enterprise company, that is not exploring, or already engaged in, blockchain.
- Despite the much documented “crypto winter”, traditional finance continues to invest resouces building production-grade blockchain solutions.
- Traditional finance use-cases vary but all depend on secure and seamless infrastructure, including nodes and wallet technology.
2. Increased choice driving change in the payments industry
- There has been a dramatic expansion of consumer banking options, and with it a growing number of payment rail choices.
- Stablecoins and tokenized bank deposits are global payment alternatives that offer instantaneous money movement.
- Blockchain payment rails are being actively explored, and in some cases already used, by some of the world’s largest financial institutions as vehicles to achieve more frictionless value transfer for their customers.
3. Privacy and trust will always sit at the foundation of financial infrastructure
- Regardless of how new technologies disrupt the financial services industry, Money 20/20 participants agreed that consumers' privacy and trust must always remain at the core of any financial infrastructure.
- The key pillars of 1) Security, 2) Reliability and 3) Reputation help drive payment company behavior.
- Regulated financial institutions shared that they must have 100% control over their key management processes when building a blockchain business to ensure these pillars are not compromised by a third-party tech provider.
4. Data will be central to improving payment services
- As a greater variety of payment tools come to market, it is clear that data will play a central role in creating the most complete solutions.
- For example, payment solutions where customers are served their choices before they’ve even realized they are choices.
- This is where blockchain based payment rails will excel. The rich and vast pools of on-chain data offers the ultimate foundation for granular, customer-centric payment methods to develop.
If you are interested to learn more about Blockdaemon’s fully on-premise wallet technology or node infrastructure for your future payment plans, please don’t hesitate to reach out to us.
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