Blockchain Technology - Brink of Legitimacy?
Ten years after the introduction of bitcoin and its underlying blockchain technology, the two headline innovations have sparked both inspiration and controversy.
Bitcoin has spawned hundreds of crypto-assets; in 2018, peak market value of all crypto-assets equaled 1/10 the value of the world's gold. Blockchain, in turn, posits new industry paradigms and solutions to critical challenges such as cybersecurity and data management.
Yet 2018 was a volatile year for both, bringing intense scrutiny, criticism, and a slump in prices and expectations for the future.
In a new study launched at the 2019 World Economic Forum, Marsh & McLennan, FireEye, and Circle frame three challenges to overcome if the promise of these emergent technologies is to be fully realized:
- Can a credible market infrastructure be created for crypto-assets?
- Can governments agree on a regulatory framework?
- Can blockchain prove its viability for the secure exchange of value at scale?
Companies in nearly every industry are exploring blockchain technology applications, and crypto-assets have the potential to transform the way they build and exchange value.
Understanding the opportunities and risks of these inter-linked technologies for your business can help you prepare for the future.