Indeed, bitcoin blockchain cryptocurrency technology which came across tremendous turmoil since its inception in 2008, is growing beyond the cryptography-based digital currency transaction to other segments of the world economy. Speculation predicted by the World Economic Forum stated that the DLTs or the Distributed Ledger Technology and other blockchain technologies that gave birth to bitcoin will very soon get a significant role in the world financial system. Around 80% of banks around the world are keen to begin blockchain interventions. They have already invested more than 1.4 Billion USD on the DLTs and other blockchain technologies in the past years. If you feel that it is time for you get yourself associated with bitcoin blockchain business, contact Paychain for all types of assistance.
Giancario Bruno, the head of the financial services industries in the world economic forum, further said that the blockchain will no more stay at the margin of the finance industry, rather it will become the heart of it. It will further assist in building innovative solutions to address various existing problems of the industry. It will grow to the context of integrating itself to the mainstream structure of financial services, messaging services, and electronic trading.
The report of Bruno states that the drawbacks in the blockchain technologies still persist and they need to be addressed properly before integrating the technology into formal sectors. The factors responsible for the drawbacks are an uncertain regulatory atmosphere, lack efforts for further standardization of the technology, and a legal formal framework.
The international law firm Steptoe & Johnson announced that they will be expanding the blockchain practices which is designed to assist clients in all the industries to implement blockchain application to promote their business. The law firm also declared that they will accept bitcoin as payment of fee at an earliest. This venture of the law firm has been rendered to Jason Weinstain and Alan Cohn, both experienced in safety and security measures like the Department of Justice’s cybercrime enforcement efforts led by Janson and Alan as the former assistant secretary to Department of Homeland Security.
The value of bitcoin is growing more than thousand-fold in the past years. It means if an individual invested 1000 USD at the beginning of 2011 should be a millionaire within a couple of years. As per a previous record, more than 7 million people held bitcoin material amount and more than 500 million people had bitcoin stocks directly or indirectly across the world.