In this article we are going to cover some of the enterprise developments from a Deloitte report, the Congress hearing on Libra, and I will leave you with an amazing video to watch from one of the congressmen at the hearing.
Nothing should be considered financial or investment advice. Enjoy the ride.
Enterprises Enter Blockchain
Most investors in the market will already know about the big names similar to IBM, Microsoft, Facebook, and Amazon all researching and developing on Blockchain tech. Although, from the bigger fish’s influence, other enterprises around the world are starting to catch on.
Based on a Global Blockchain Report for 2019 from Deloitte, the industry is growing faster than before. More companies are finding utility for blockchain technology, and 53% of companies surveyed now see blockchain as a vital part of their business from the same 43% a year prior.
For reference, the report had approximately 1,400 companies surveyed across 12 countries and 11 languages to finalize their findings. The top 5 industries currently surging and using this new tech are:
- Technology and Media
- Financial Services
- Retail, Wholesale, and distribution
- Professional Services
The top countries with companies that are looking to invest heavily into the technology with $10 million USD or more over the next 12 months are ranked:
- Luxembourg at 41% of companies surveyed
- Switzerland at 33% of companies surveyed
- Germany at 31% of companies surveyed
- UK and U.S. tied for 18% of companies surveyed
Although, one of the largest hindrances for this space is still the continual lack of regulatory clarity, and the difficulty to maintain compliance across all industries and borders. According to Deloitte’s pool of 1,400 companies, the largest barriers of entry for this industry are:
- Regulatory Issues (as expected)
- Implementing, replacing, or adapting existing legacy systems
- Potential Security threats
Even Twitters were taking to posting with some of this data as seen below.
Clearly, companies are moving into blockchain at a faster pace then previously in 2018. If 2019 and 2020 continue to swing up in digital asset prices and projects launch their main nets with scalibility solutions, we could potentially see another exponential growth cycle in early to mid 2020 that will shake even the traditional market frame.
Congress Discussing Facebook’s Libra Project
All over the market and in the news, people are reporting on the Facebook congressional hearing that took place today. To the surprise of many, most congressmen and women are open to learning about Libra, cryptocurrency, and the general purpose of digital assets. Some speakers have even gone as far as stating that Bitcoin is unstoppable and congress needs to jump on the train before it takes off.
Whether we want it or not, change is here. Digital currencies are here.– Congressman McHenry
Other notable speeches quoted calling the altcoin market, a group of “shitcoins” with Bitcoin being the only legitimate candidate. This is common slang among the crypto community, but probably should not be said during a congressional hearing even to make a point. Although, most investors loved this and viewed it as breaching the invisible fourth wall standing between reality of the market and fictional congress utopia of understanding.
Tom Emmer Disposes Congress Foolery
Out of all the speeches given, one did stand out to myself and the Reddit community. Tom Emmer eloquently defended the cause for Bitcoin, condemned congresses lack of clarity on the market, and at the same time defended learning about Libra in an innocent way. Check out the video and let me know what you think in the comments below.