Following last winter, namely referred to as ‘cryptowinter’, the interest gradually shifted from ‘gaining more’ towards ‘developing solutions’ that address wider issues and even, restructure processes as we used to know them.
While there is no way to be certain on how these alterations affect the way we perceive everyday life, during the past year we witnessed both private and public sector contemplating on adopting, or at least experimenting on, the alternative of decentralized solutions. More specifically, when it comes to the public sector, more than a handful of entities invested on the employment of blockchain technology. According to Moonwhale, factors such as the continuous audits, the real-time monitoring and the far less time-intensive reconciliation of accounting data along with the emergence of STOs have driven to the tokenization of a rather wide share of equites, commodities (ie. Oil, Gold, Cannabis) and commercial real estate to be tokenized.
On top of that, the more mainstream blockchain went, the more its strategic benefits were becoming obvious. The banking sector quickly caught up and new patents, bank initiated cryptocurrencies and crypto-apps facilitating cross-border transcactions made their appearances one after another. Industrial and Commercial Bank of China, Bank of America, IBM, Nasdaq, Citi, JPMorgan Chase, Goldman Sachs, Santander and UBS are amongst the banks going public on developing blockchain-based services.
Last but not at all least, the public sector, usually taking the fault for being the slower part of the equation, this time disproved anyone underestimating its reflexes. According to Hackernoon, Italy, Thailand, United States of America, Croatia, Middle East, Singapore, China are only few amongst the governments that are officially developing crypto-based alternatives to reduce transaction costs, transfer money beyond borders and save insurance money.
And this is where it gets tricky – while the world seems to be collectively moving towards the notions of ‘smart money’ or ‘future economies’, and not to forget how Millenials contributed to de-demonizing the uprising crypto-culture, only last January, Business Insider published a survey on Gen Xers and the probability of investing in blockchain, arguing that more than 50% is not even interested in this type of technology.
Notably, Gen Xers following the millennial tradition, are the second generation that ranks ‘experiences’ over ‘money’ and seems to disapprove the notion of ‘ownership’. Facing this deviation between youth suing governments and fast-track legislation on national cryptocoins is there any common ground to build upon?