Saturday, June 22, 2024

Blockchain boost to the global economy?

By DAC000 , in cybersecurity Fintech KYC Paytech Regtech , at October 25, 2020 Tags: , , , ,

Yes, starting in 2025, as adoption sharply increases according to PwC. China & India and broader Asia are likely to realise the biggest benefit, consistent with other trends we’ve seen in Fintech. The report identifies five key applications of Blockchain, specifically product tracking and tracing, financial services and payments, identity security and credentials, contracts and dispute resolution, customer engagement and reward programs. The full report is a long read, but there is a nice summary which takes less than ten minutes.

Comment: Why is Asia surging ahead of The West? One word: incumbents. Because of their legacy cost structure they slow adoption of disruptive technology, and developing nations surge ahead. Aside from that, a key area often understated is the benefit from using Blockchain for identity; on boarding is a costly process for Financial Services firms, with mistakes or omissions potentially raising regulatory scrutiny and fines.