Federated Investors vice president and portfolio manager Steve Chivarone, ranked blockchain in the top five key technologies that will drive what he called “this next industrial revolution” in an interview with CHBC on 11 May.
Chivarone went on to comment that blockchain would be an “economic growth driver” along with automation robotics, AI and the Internet of Things (IoT), according to Cointelegraph. The Pittsburg-based company VP continued:
“When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back-office and time and paperwork with more instantaneous verification […] that will allow cost to be cut and that savings [sic] to be passed along.”
He suggested that banks such as Bank of America investing heavily in blockchain and companies like Nvidia and Intel producing computer chips used in mining illustrated how investors could “play” the potential of the new technology.
DLT is becoming more attractive to big companies and banking institutions with what Fortune describes as “laudable goals — speed, lower cost, security, fewer errors, and the elimination of central points of attack and failure. These models don’t necessarily involve a cryptocurrency for payments”. Fortune argues that it is the “Bitcoin model” that could have the most impact:
“Each blockchain, like the one that uses Bitcoin, is distributed: it runs on computers by volunteers around the world; there is no central database to hack. The blockchain is public: anyone can view it at any time because it resides on the network, not within a single institution charged with auditing transactions and keeping records.”
On 8 May, two United States House Subcommittees concluded that blockchain technology could be used in diverse areas, from US Customs and Border Protection to cyber-security, despite its current lack of industry-wide standards.
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