Daily Fintech Conversations

Blockchain Proves It’s More Than Just the Hype: Paypal, Deloitte and Alibaba Agree

Much of the argument on blockchain claims that the value of the technology lies heavily on future speculations of its use. Nonetheless, more and more companies are investing on it with some people from Deloitte, Paypal and even Alibaba supportings its value.

Many new technologies fall under heavy scrutiny on their journey to ubiquity. Although many people question the value of blockchain because its present-day utility seems still questionable to some, there is also evidence supporting how blockchain has started disruption billion-dollar industries lies crowdfunding, international wire transfers and the gold industry.

More than The Hype

Blockchain continues to be a hot word across industries. While global companies continue to discuss the technology, a Deloitte LLP suggests that firms are doing more than just talking about it. In a nutshell, the survey found (as reported by Bloomberg):

  • 30% of the respondents claimed that they have become part of a blockchain-focused consortium
  • another 45% expressed interest in joining a consortium within one year
  • 43% also noted that blockchain is now one of their top-five strategic priorities

Another report from Coin Desk also points out that “highly valuable technologies typically experience relentless negativity on the way to the summit.” The report added that as of date, the technology has provided benefits to “at least three multibillion-dollar sectors.” Blockchain brought as much as 10x the improvement compared to previous technologies. Nonetheless, it’s also possible to that it can take several years or even decades before the technology plays out in the way others have envisioned it. There can be multiple iterations before successful technologies emerge.

Nonetheless, people like Alibaba Founder Jack Ma and “PayPal Mafia” member David Sacks say, blockchain will change things.

“Blockchain is now a hot word. First, blockchain is not a bubble, but Bitcoin is a bubble. Bitcoin is just a tiny application of blockchain. The blockchain is not a huge gold mine. At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era,” Ma said.

Sacks, on other hand, best known for being PayPal’s first COO, said that he remains bullish on “security tokens.” He explained further that tokens can eliminate or reduce the “illiquidity discount” for assets which cannot be traded publicly.

“It will lead to a world where you can short real estate. You can go long Manhattan and short San Francisco,” Sacks said during the Token Summit in New York.

Pearl Pay’s Bid

Pearl Pay is bidding on blockchain to help increase the financial inclusion in the Philippines. As the technology continues to provide better financial solutions, Pearl Pay’s goal is to bring those benefits closer to the Filipino people. Get more news about blockchain and cryptocurrency at news.pearlpay.io