You are reading about: "East vs. West: Which One Sides With Blockchain?"
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.
Full Data File: Leaderboard of Blockchain Tech Startups in Crypto IntelligencePresales and promos success, social media presence, location...
We are also on medium.com/cryptolounge - follow us!
Data File Of Leaderboard of Blockchain Tech Startups
Presales and promos success, social media presence, locations, related companies...See The Data File
The Day in Crypto
More & Better:
Email alerts (2-3 a week)
- Opinions, Analyses & Interviews
- Industry News Releases
- Blockchain Tech Intelligence
Data is beautiful
New Horizons in Fintech for 2019: Payments, 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...
East vs. West: Which One Sides 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.
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...
Brand development in forex and crypto: The 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.
Top 8 Women in Blockchain Technology [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...
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.
Comparing Forex Market with Cryptocurrency 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.
Blockchain Technology 101: Blockchains, Blocks and the Role of Price [Infographic]
Blockchain technology 101: What is blockchain, what types of blockchains exist and what role does the cryptocurrency price play.
Real-world companies that accept crypto payments [Infographic]
Infographic - Graphic map of businesses that let customers pay in bitcoin.
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.
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,...
The Good And The Bad Of ICOs
Infographic: The good and bad of ICOs - Which token sales raised the most money in 2018?
Industry News Releases
Call to blockchain coders in the US: The Global Blockchain Hackathon, an event taking place...Read >>
- Etheremon celebrating #ChineseNewYear2019 with a series of bounties (Ends 8:00 AM UTC on Feb 11th)
- Crypto Marble dApp Game: Monopoly on Blockchain
- The dApp gaming platform VX Network launched the official VX Wallet in Apple App Store and Google Play
- Etheremon's first Chinese New Year Campaign: Chance to recall two rare mons
- Fuel Games and Cryptokitties bring you "The Cat in the Pack" until the end of January 2019
- Action RPG dApp game Hero of Cryptoworld is starting its character presale
I'm a nobody and nobody cares. I like researching business models so that later I can fail miserably anyway. Editor at @BOC__Official.