East vs. West: Which One Sides More With Blockchain?

Digital cash schemes were the holy grail of the late 90s, but since the bitcoin blockchain was invented, suddenly nobody in the West cares.
You are reading about: "East vs. West: Which One Sides More With Blockchain?"

By Guest

Published April 9, 2019

First appeared on carsurance.net
Reposted with permission

We have come a long way since Satoshi Nakamoto’s paper on Bitcoin was published in 2009.

As pointed out in the data analysis assembled by carsurance.net, blockchain has transformed the world of finance on a global scale.

Bitcoin: The first functional digital cash project

It is a long-forgotten fact now, but in the 90’s and early 2000’s during the very onset of the internet era, attempts to create a fully digital monetary system were a major point of focus for many international organizations.

Needless to say, none of the attempts to create digital cash were successful - until the bitcoin blockchain.

Blockchain has revolutionized the financial system because it is the first technology to fix the double-spending flaw, a typical problem among digital cash schemes, without needing a central authority.

The seemingly impossible to overcome double-spending flaw is the reason why financial institutions eventually abandoned fully digital payment solutions and resorted to the kind of ‘digital money’ you have with Paypal and similar e-wallets: Basically, just paper.

The geographical imbalance in blockchain adoption

The invention of bitcoin blockchain has inspired the creation of not only new breeds of cryptocurrencies but also advanced banking infrastructures.

There is no doubt that blockchain altered the spin of the financial world, but its influence globally is rather unbalanced.

  • Blockchain technology was quickly embraced by the East — many of its early adopters were Asian banks.
  • The most notable financial institutions that have been using blockchain tech are China’s Bank of China, India’s Yes Bank, Singapore’s United Overseas Bank, and ALFA Bank of Russia.
  • LatiPay of New Zealand and CommonWealth Bank of Australia were some of the first banks from the Western world that accepted blockchain.

All that in spite of the fact that most of the fintech investments went to North America and Europe, and judging from the list of venture builders in blockchain tech continues to do so.

Not that it were a competition, but the agility of Asian businesses is definitely one of the reasons why the East is the leader when it comes fintech trend adoption rates: China and India, the world’s only countries with populations of over one billion people, have the highest fintech usage at 84.4% and 76.9%, respectively.

West will catch up in fintech by 2020

By 2020, the financial services industry expects to see the mainstream adoption rate of blockchain to reach nearly 50%.

This prediction seems likely to materialize, considering that 90% of major North American and European banks have reportedly been exploring the potential of the technology of late.

Check out the following infographic to learn more enlightening blockchain statistics and to have a better idea of the fintech landscape.

east-west-fintech-blockchain-adoption (1)

Also Read: List of Startup Studios and Venture Builders in Blockchain Tech Long read: The Social Impact of Blockchain

Full Data File: Leaderboard of Blockchain Tech Startups in Crypto Intelligence

Presales and promos success, social media presence, location...
We are also on medium.com/cryptolounge - follow us!

Filed under: Intro

Blockchain industry brand names mentioned in this article:

BTC


Data File Of Leaderboard of Blockchain Tech Startups

Crypto Intelligence

Presales and promos success, social media presence, locations, related companies...

See The Data File

Data is beautiful

Blockchain Technology in Mobile App Market: State of the Industry 2020

Blockchain is currently at the top among the new trending technologies that came up in recent years. It is a remarkable innovation for our ever more digitalised world. Blockchain is mostly known as decentralized network,...

Published September 04, 2020 by Daniel M.
Editor's note: We still have plenty of work ahead to see blockchain-based mobile apps solving problems based on the real-world needs.
Tagged as Infographics

New Horizons in Fintech: Payments, Big Data and Partnerships [Infographic]

The global fintech market saw a period of consolidation in 2018, which is exactly what we saw also in terms of price evaluation of crypto assets. In spite of the “crypto winter”, which is apparently...

Published April 03, 2019 by Diana
Editor's note: Fintechs did what every sensible crypto business did during the crypto bear: They used the void to build things.
Tagged as Infographics

Brand development in forex and crypto: Most expensive domain names [Infographic]

Crypto infographics - Most expensive domain names in forex and crypto. Targeted brand development in forex and crypto with domain names.

Published October 12, 2018 by LK / forexnewsnow
Editor's note: Crypto and forex brokers go for crisp domain names.
Tagged as Infographics

Top 8 Women in Blockchain Tech [Infographic]

When it comes to women in crypto, the pre-2016 OG heads will probably come up with names like Alena Vranova and Blythe Masters. Alena Vranova is the former CEO of Satoshi Labs, the company that...

Published November 14, 2018 by Guest
Editor's note: Two OG crypto women that you don't hear much of anymore plus a crypto infographic about 8 women who work in blockchain tech.
Tagged as Infographics

Infographic: Blockchain Technology, Ledgers, Blocks and the Role of Price

Blockchain technology 101: What is blockchain, what types of blockchains exist and what role does the cryptocurrency price play.

Published July 31, 2018 by Guest
Editor's note: What is blockchain, what types of blockchains exist and what role plays the price of cryptocurrencies.
Tagged as Infographics

Infographic: The Good And The Bad Of ICOs

Infographic: The good and bad of ICOs - Which token sales raised the most money in 2018?

Published May 30, 2018 by Hristina
Editor's note: Despite the DAO failure, ICOs grew into an established form of startup funding.
Tagged as Infographics

The Business of Esports: All The Numbers [Infographic]

Esports is a rapidly emerging category as a real sport. It’s even beginning to compete with traditional sports.

Published April 30, 2019 by Guest

Tagged as Infographics

Shocking Facts About Cryptocurrency Heists [Infographic]

If there is one question in the history of Bitcoin that cannot be answered with anything more than an estimate, it is the problem of how much of Bitcoin’s supply is actually ever available on...

Published March 26, 2019 by Diana
Editor's note: Cryptojacking, ICO exits, scams, malware, fraud - outrageous amounts of cryptomoney have changed hands through illicit activity.
Tagged as Infographics

Comparing Forex Market with Crypto Markets [Infographic]

One of the few metrics that cryptocurrency markets have in common with the forex markets in 2018 is the high percentage of total trades being located on few most popular markets.

Published June 10, 2018 by Guest
Editor's note: Still a long way to go for crypto markets.
Tagged as Infographics

East vs. West: Which One Sides More With Blockchain?

Digital cash schemes were the holy grail of the late 90s, but since the bitcoin blockchain was invented, suddenly nobody in the West cares.

Published April 09, 2019 by Guest
Editor's note: Digital cash schemes were the holy grail of the late 90s, but since the bitcoin blockchain was invented, suddenly nobody in the West cares.
Tagged as Infographics

Blockchain Consortium in Trade Finance: 6 Notable Networks [Infographic]

The success of trade finance blockchain implementations depends on how widely they are adopted. That's why we have seen businesses form consortia based on similar interests.

Published October 21, 2018 by Guest

Tagged as Infographics

Real-world companies that accept crypto payments [Infographic]

Infographic - Graphic map of businesses that let customers pay in bitcoin.

Published May 31, 2018 by Guest
Editor's note: Graphic map of businesses that let customers pay in bitcoin.
Tagged as Infographics

Infographic: Blockchain Hacks & Crypto Trading Platform heists 2018 vs 2017

Blockchain infographic comparing the biggest crypto heists of 2018 and 2017. In 2017 the focus lied more on ICOs, smart contracts and wallet.

Published July 10, 2018 by JMT
Editor's note: In 2017 the focus lied more on ICOs, smart contracts and wallet.
Tagged as Infographics

15 crypto kings that are making history with their engagement in the field of cryptocurrencies

Coining The Bucks With Cryptocurrencies Have you ever wondered how much masters of the cryptocurrencies are worth? Like the guy who founded Ethereum, or the one who started Ripple, for example. The answer, in short,...

Published May 30, 2018 by Guest
Editor's note: Infographic: 15 ultra-rich blockchain entrepreneurs and how they get into crypto
Tagged as Infographics

How Blockchain Disrupts Business [Infographic]

Published May 31, 2018 by Guest

Tagged as Infographics

How to spot cryptocurrency scams

Published May 30, 2018 by Guest
Editor's note: Infographic by the NOAHcoin team
Tagged as Infographics

All Infographics

Industry News Releases


Editor: Diana

Editor for all TDOU’s publications.

Comments

comments powered by Disqus
About the Author
By Guest

Also by Guest

Powered by Contentful

Supported by AltcoinTrading.NET