$60.7 Billion by 2024... that's huge!!
Blockchain is on fire and there is no sign of slowing down as organizations have found the unlimited potential of the technology. Blockchain technology is set to revolutionize the world and permeate to all areas of our daily lives. Professionals are leaving big companies to get into this space. Banks are leveraging blockchain to deliver better products and services. Is this the coming of the decentralized future? Is this where we are headed?
The entire industry might be in nascent stages, however, a recent blockchain report from Market Reports Center forecasts blockchain industry to reach market size of $60.7 billion by 2024. This is a big opportunity. Isin't it?
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A group of eleven individuals have filed a petition in the Supreme Court challenging the Reserve Bank of India's decision to block "essential services" like banking for cryptocurrency related businesses in India.
What do you think is going to be the outcome? Will India promote the use of cryptocurrencies or will it be left behind when other nations are spending massively to promote blockchain and cryptocurrencies?
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UK-based banking giant HSBC has reportedly completed the world's first ever trade finance transaction powered by blockchain, on May 14. HSBC, which is the world's largest trade finance institution, completed a letter of credit for food and agricultural giant Cargill, the US' largest private company in terms of revenue. The deal involved a shipment of soybeans from Argentina to Malaysia.
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Eric Piscini, former Global Blockchain Leader and Partner at one of the "Big Four" consulting firms, Deloitte, has left the company. Piscini is joining the startup 'Citizens Reserve' to move supply chain networks to a blockchain. The early-stage startup, which is currently raising $300 mln, is a shared database designed to operate on all levels of a supply chain.
Banks With Crypto? The world is full of hypocrites
This seems to be strange... Firstly, they say that cryptocurrencies are a sham and then they themselves take steps to make it available to the masses. Is this what the banks want to do?
One such instance is when JP Morgan's CEO, Jamie Dimon, claimed Bitcoin to be fraud and said that it is an useless asset. However, according to the financial times, JP Morgan has filed a patent to facilitate payments between banks using Blockchain.
This is hypocracy. All of them want a share of the larger blockchain and cryrpto pie, however, they do not want to claim it openly. It seems that they want to get ahead of the curve, without anyone noticing it!
Have a look at how the big names are geeting into the game....
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NYSE, Goldman Sachs, JP Morgan... these are no small names. If these financial behemoths are entering this space, this means that there is a huge opportunity ahead. Apart form that, South Korea is planning to make its economy cashless and give dominance to crypto. Isin't this getting exciting? Do let us know us know your views, we would love to hear from you.
Cryptocurrencies are gaining heat
It's getting exciting my friend...it is getting super-exciting!!
We were talking about the NYSE planning to offer its customers with Bitcoin, just in the last post. One of the world's largest stock exchange is all set-up for the mainstream adoption of Bitcoin. You would definitely want to have a look...
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Analysts, reported that New York Stock Exchange (NYSE) plans to offer Bitcoin (BTC) swap contracts. The commentators were unanimous in considering that if the news turns out to be true, it could be of momentous consequence for the future of crypto. A swap is a contract where two parties change financial instruments such as bonds, stocks, interest rates etc. With the contracts being settled in BTC itself is an important factor to be considered in Bitcoin's mainstream adoption.
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The entire industry is in very nascent stages and the space is going to get bigger and bigger. Large financial institutions such as Goldman Sachs and JP Morgan chase are entering the crypto space. Goldman says that Bitcoin "Is Not a Fraud" and is planning to set up a crypto trading desk to buy and sell Bitcoin. This is just the beginning and we are going to see more of it. Do you feel the same? Let us know your views/comments.
I want to share something with you guys. We have been working on an introductory e-mail course, which is going to provide you with all the basic knowledge pertaining to the cryptocurrency and the blockchain industry. We will unveil it to you soon so that you can keep up with the industry trends. However, we want to take it further than that and we won't be able to do it alone. We would need your suggestions and opinions on what would you like to hear from us?
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