On 18th September, the Blockchain Head of PricewaterhouseCoopers [PwC], Grainne Mcnamara, spoke about how the cryptocurrency market crash has affected the general demand for services as well as a market share comparison between 2017 and 2018.
Mcnamara elucidated on the breakdown that PwC undertakes for the blockchain industry, stating that the company divides the sector into distributed ledger technology and enterprise applications. Enterprise applications are those entities that use the properties of the digital assets to bring about beneficial changes on a large scale, usually done by corporations. She went on to state that after the furor of last year, holders were still quite excited about the cryptocurrency market.
According to Mcnamara, factors such as the announcement of the Bitcoin [BTC] futures as well as the launch of several token issuers has certainly resulted in the spiking of interest. She further stressed upon the point by saying that there was a huge demand for blockchain advisory services with a lot of sectors from various reaches of the fintech industry showing growing interest in the field.
Addressing the issue of a low return on investment, she stated that as the field of cryptocurrencies is still in its initial stages with the main hindrance scaling up. Scaling up has been a predominant issue amongst a lot of blockchain companies and the sheer extent of benefits it can provide the users is still to be seen, she said.
PwC’s blockchain department has been in the news for conducting reviews that are related to blockchain technology and how industries adapt to it. According to their review:
- 84% of the participants were actively involved with blockchain
- 45% believe that the trust paradigm could delay cryptocurrency adoption
- 30% of the total participants saw China as a rising leader in blockchain technology
- 28% of the total survey base said that interoperability is one of the main keys to success.
Grainne Mcnamara focused on how the trust barrier and the concern surrounding all the regulatory crackdowns has bought down the sheen of the cryptocurrency market. Although she pointed out these blips, she was adamant that the industry would take off once it was successful in creating legacy products. Legacy products usually laid down the foundation for future industries so that they can build upon it. The Blockchain Head went onto say that China’s looming presence to overtake the United States in the cryptosphere has kept all companies within the States on their toes.
Mcnamara also informed users that digital assets, that is, taking physical assets and converting them to its digital form, was a sparkling initiative in the industry. She said that the main aim is to create a better network between the customers and the existing supply chains.
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