Is Cryptocurrency Really Going Mainstream?

By Kapil Gauhar

Bitcoin (BTC) might be amidst a nerve-racking downturn, yet blockchain still is extremely popular. As per an ongoing report/list from Forbes, a portion of the world’s biggest corporations, including a variety of prominent innovation firms, have forayed into this space, unobtrusively tossing human capital and money at this advancement to discover something that sticks. Cryptocurrency might be in “winter,” yet as Forbes journalist, Michael del Castillo, commented, “business applications using the underlying technology of bitcoin (blockchain) is in early spring.”

As indicated by the rundown, fittingly titled as “Blockchain’s Billion Dollar Babies,” a portion of Earth’s most prominent firms are clamouring for blockchain technology.

A Brief Overview on the Matter

For example, the Depository Trust and Clearing Corp (DTCC), a record-keeping stone monument that stores and deals with the information of 90 million transactions every day, will relocate a portion of its offerings to a digital ledger called AxCore. The information to be moved to AxCore purportedly relates to $10 trillion worth of credit subsidiaries – more than 50 times the present valuation of all digital currencies, including Bitcoin.

Widely acclaimed banks too are joining the brawl. Forbes’ Michael del Castillo claims that Fidelity, JP Morgan, Citigroup and Allianz are together playing this technology, particularly with significant business variants of Ethereum and other corporate-friendly records.

For example, Fidelity recently propelled its Bitcoin caretaker for a select group of institutional customers, giving such financial specialists more reasons to buy BTC. FinTech firms are likewise communicating their love for blockchain. Merely look to Ant Financial, which is Alibaba’s PayPal-esque service, and Mastercard, who are attempting to use this technology to their good fortune.

Also, Silicon Valley giants have started trying their hand at Blockchain technology. It is too soon to tell whether they have succeeded or not, yet HTC, Google, PayPal, Foxconn, and Overstock all have wandered into this space.

Outside of finance and technology, blockchain has collected footing as well. CVS Health, Bumble Bee Foods, Maersk, and Nestle are among the “Blockchain Babies” to have utilised this headway for an option that is other than finance, retail goods.

Cryptocurrency Adoption

This is just fine; at the same time, a large portion of the initiative previously mentioned are revolved around companies and institutions’ back offices. Nonetheless, it appears that retail adoption of this unique innovation, particularly digital assets themselves, are around the corner. What’s more, this adoption might be started from plays from social media giants, first and foremost.

Recently, a South Korean social media and technology heavyweight, Kakao, with a clientele of millions, was accounted for to be soon uncovering its 44 million clients to Bitcoin through an integrated ‘crypto wallet,’ and blockchain platform.

In a comparable strain of news, there’s a rumour that Facebook may launch its own ‘basket coin’ for its millions of users in the coming months, all while Russian social platform VK has just propelled its very own digital asset.