On 18th September, the Blockchain Head of PricewaterhouseCoopers [PwC], Grainne Mcnamara, spoke about how the cryptocurrency market crash has affected the general demand for services as well as a market share comparison between 2017 and 2018.
Mcnamara elucidated on the breakdown that PwC undertakes for the blockchain industry, stating that the company divides the sector into distributed ledger technology and enterprise applications. Enterprise applications are those entities that use the properties of the digital assets to bring about beneficial changes on a large scale, usually done by corporations. She went on to state that after the furor of last year, holders were still quite excited about the cryptocurrency market.
According to Mcnamara, factors such as the announcement of the Bitcoin [BTC] futures as well as the launch of several token issuers has certainly resulted in the spiking of interest. She further stressed upon the point by saying that there was a huge demand for blockchain advisory services with a lot of sectors from various reaches of the fintech industry showing growing interest in the field.
Addressing the issue of a low return on investment, she stated that as the field of cryptocurrencies is still in its initial stages with the main hindrance scaling up. Scaling up has been a predominant issue amongst a lot of blockchain companies and the sheer extent of benefits it can provide the users is still to be seen, she said.
PwC’s blockchain department has been in the news for conducting reviews that are related to blockchain technology and how industries adapt to it. According to their review:
- 84% of the participants were actively involved with blockchain
- 45% believe that the trust paradigm could delay cryptocurrency adoption
- 30% of the total participants saw China as a rising leader in blockchain technology
- 28% of the total survey base said that interoperability is one of the main keys to success.
Grainne Mcnamara focused on how the trust barrier and the concern surrounding all the regulatory crackdowns has bought down the sheen of the cryptocurrency market. Although she pointed out these blips, she was adamant that the industry would take off once it was successful in creating legacy products. Legacy products usually laid down the foundation for future industries so that they can build upon it. The Blockchain Head went onto say that China’s looming presence to overtake the United States in the cryptosphere has kept all companies within the States on their toes.
Mcnamara also informed users that digital assets, that is, taking physical assets and converting them to its digital form, was a sparkling initiative in the industry. She said that the main aim is to create a better network between the customers and the existing supply chains.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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