Umar Farooq, CEO of Onyx, JP Morgan’s digital asset business, made an interesting comment during a recent seminar hosted by the Monetary Authority of Singapore. Most of the crypto, he argued, was “still junk.” “Except for a few dozen tokens, everything mentioned is either noise or, frankly, will just go away,” Farooq added.
Put this next to a recent statistics from S&P Global Market Intelligence that global private equity and venture capital investment in blockchain and cryptocurrency fell 48.1% quarter over quarter, and one could be forgiven for thinking that the outlook was bleak.
But for evangelists, it can be seen as good signs. As blockchain technologies mature and use cases become more apparent, chancers and scammers are more likely to disappear – although this is not a fail-safe – and the real business and consumer issues are resolved.
There is also a reverse to every coin. A Ripple report published in August revealed that a majority of financial institutions plan to start using crypto within the next three years. Despite the bear market, more than three-quarters (76%) said they were interested, assuming regulations allow it. Along with this, asset manager BlackRock launched a one-off bitcoin trust, while exploring permissioned blockchains, stablecoins, crypto-assets, and tokenization.
The Blockchain Expo Europe The event, held at the RAI in Amsterdam on September 20-21, will feature a host of brands exploring DLTs, digital assets and related Web 3.0 technologies in innovative ways. Key players include:
- Mia VanHead of EMEA, Blockchain and Digital Assets at Mastercard, will discuss the history of NFTswhat can be symbolized and who benefits from it
- david palmblockchain manager at Vodafone Business, will participate in a round table around the metaverse
- Mariana Gomez de la VillaProgram Director of Distributed Ledger Technology at ING, will talk about expanding the business through the lens of the blockchain utility
- Gerben Kijneblockchain product manager at UNICEF (GIGA) will explore his work on how NFTs can give more children the chance to learn online
For many stakeholders, regulation is the name of the game right now. Farooq mentioned this in passing, suggesting that was why the financial industry in general “was a bit slow to catch up.”
Others have different views. Alex Reinhardt, founder of PLC Ultima and one of the industry’s top evangelists, provided advice from a consumer perspective. Reinhardt Told The block“If you make a mistake today, it is not easy to defend your rights because they are not yet fully regulated. So it would be better if you don’t try to make a profit where it might get you in trouble later.
PLC Ultima also participates in Blockchain Expo Europe as a main partner, together with Reinhardt day one keynote to discuss the blockchain evangelism process. So it doesn’t matter a bear market; there are plenty of green shoots to be found, as Reinhardt explains. “I have no doubt that cryptocurrencies will continue to live on and grow out of spite,” he says. “Nothing can destroy their attractiveness because it is objective.”
The Tokenization and digital assets The track strongly presents the important issue of regulation. A panel, at 3:40 p.m. local time, will ask why regulators are so nervous about entering the world of crypto and exploring the future potential of a governed space. Representatives from the European Central Bank, the European Blockchain Association and the London Stock Exchange Group (LSEG) will share their insights.
From the perspective of enterprise blockchain, where defenders are somewhat shielded from the shrapnel of fluctuating crypto markets, there may well be cause for optimism. Senior executives still have time to get it right if, for example, they want to adopt blockchain for their global supply chain, but the use cases are growing.
To Blockchain Expo North Americaheld in Santa Clara on October 5-6, there are various interesting examples of companies looking to make the right choices. Chris JohnsonDirector, Head of Global Data Governance at Walmart, will discuss how to give executives what they want and build an ecosystem with systems thinking, while Philippe SilitschanuResearch Director for IDC’s Financial Information, will explore the need for enterprise blockchain, adoption bottlenecks, and predictions for 2023 and beyond.
Several major enterprise software vendors, from IBM to Oracle to VMware, will also participate. Mark RakhmilevichSenior Director of Blockchain Product Management at Oracle, will review market progress with regards to partnerships, sponsorships and litigation.
Blockchain Expo Europe – September 20-21, RAI Amsterdam. Book your tickets here
Blockchain Expo North America – October 5-6 at the Santa Clara Convention Center, CA. Book your tickets here
Whether you’re looking at enterprise use cases or innovative examples of brands using digital assets and tokenization, Blockchain Expo Europe and North America will provide interesting and important content for those looking to take the next step. Learn more about the series of events here.