Although the change is certain, its scope and scale are not yet known. For the financial industre, blockchain - the technology behind Bitcoin, Ether and non-fungible tokens (NFTs) and other digital assets - are leading us to a crossroads. In this historical period, a myriad of results are possible, but one thing is certain: the effectiveness and innovation of technology will influence the traditional financial sectors far beyond imagination.
Blockchain for example offers a faster, more efficient and more secure structure for financial transactions than the contracts and transactions that currently define our economic, legal and political systems.
From generation to generation, technologies have updated the way we complete financial transactions. The modern credit card has been around since the late 1950s, the first internet sale was completed in 1994, PayPal was founded in 1998 and went public and sold to eBay in 2002, and Satoshi Nakamoto started the revolution. blockchain in 2008. Today, financial heavyweights are no longer on the sidelines and 55 of the world's 100 largest banks have some form of involvement with this new technology.
As the market matures, the cryptocurrency industry will also undergo a language evolution. Regulation and wide adoption will change the way the media and the public perceive and talk about digital assets.
Over the past 10 years, we have found that customers are increasingly attracted to resources that are useful and can solve complex problems. Tether for example would work well for paying salaries because it is tied to the US dollar, thus avoiding the volatility of bitcoin. Brave's Basic Attention Token (BAT) is charting a path for the future of online content by issuing payments, in BAT, to users of its browser for viewing ads. These users can then tip anyone on the internet using the BAT in their digital wallet. The Audius (AUDIO) governance token is a compelling case for cryptography, which plays a more important role in the future of the music industry by providing security, exclusive access to community-owned functionality and governance for artists and fans.
Congress opened its doors to regulators earlier this year when the Senate passed an infrastructure bill that contained an amendment that brought new scrutiny to the crypto industry.
Investors, digital asset exchanges, smart technologists, government officials, regulators and everyone in between will benefit from a more mature market that protects its consumers and values transparency, predictability and communication.