Page 24 - Equity Movement Magazine-Issue2

CRYPTOCURRENCY: THE MODERN DAY GOLD RUSH (CONT’D)
Japan is well ahead even declaring Bitcoin as legal
tender since its introduction in 2008. Amazon
Blockchain Cloud and IBM Blockchain are also other
examples of large companies capitalizing on the
Blockchain and Cryptocurrency bandwagon.
The banter of a real global economy has been on for
some years, and many people can allude to this fact.
Facets of this allusion have become a reality over the
past decade with digital payments sprouting up across
the globe. Stripes, Square, and PayPal have all
contributed to the global economy in many ways. As
people travel from one country to the other, payment
processing imposes a challenge in many instances.
Selling, buying, and trading faces limitations across
borders despite digital payment options. The rise of
cryptocurrencies has eliminated some inhibitions in
global trade and enabled a direct seller to buyer
transaction across borders. A seller in China can transact
with a buyer in South Africa using an Ethereum smart
contract with no need for banks and time lag. A traveler
can embark on a business trip abroad without the
limitation of cash handing as long as a crypto wallet is
funded. In simple terms, cryptos are enabling a real
global economy in many ways. Cryptos are making it
possible for people to work, live, and earn anywhere on
earth without payment constraints.
For example, Deloitte's global experience, as a thought
leader to encourage cultural and market education of
the distributed ledger technology business potential,
and in developing proofs-of-concept and production-
ready solutions across different sectors with blockchain
technology started with Blockchain 1.0 back in 2009.
Industries ranging from the Financial Services to the
Industrial Sector, Retail and Distribution, Supply Chain,
Life Science & Health Care, State Governments,
23 | www.equitymovement247.com
Telecom, Real Estate, Energy and Resources, Automotive,
Media, and others. Deloitte also offers diverse practices
and professional services to accompany both blockchain
initiatives and startups, as well as enterprises and
corporates.
BLOCKCHAIN Technology works best for:
Ÿ Trusted/known participants on both sides of
transaction;
Ÿ Transaction fee rates at risk from more efficient
technology;
Ÿ Trade Settlements;
Ÿ Client Data Handling;
Ÿ and Onboarding.
It's said that success leaves clues and here are some
clues to make note of:
In the following decades, cryptocurrencies will coexist
side by side with traditional currencies, but it is plausible
that within 30-40 years, they can replace them
completely. People talked about the stock market in the
same way they speculate about cryptocurrencies that
even though it may be volatile and may drop from time
to time, the overall long-term prospects are very positive.
A report finds an interesting correlation between
Bitcoin's crash in 2018 and Nasdaq's crash in 2000 and
asks “whether the bear market is coming to an end in the
way the Nasdaq's did”. See the following Chart: