Within 10 Years, All Fintech May Be Blockchain-Based

On the 2^nd of September, Andrew Bragg, a member of the Australian government’s Senate Select Committee on Financial Technology and Regulatory Technology released a statement about the current recession, citing blockchain as a way out.

The last financial quarter’s negative results prompted the government to look toward new technologies as a way out of the current predicament – and one of them is investing in the ever-growing fintech sector.

The report contains multiple references to blockchain and technologies based on distributed ledgers.

Huge Profit Margins Estimated

In the report, it is speculated that the potential gain due to using blockchain technology is “estimated at $175 billion annually within five years and $3 trillion by 2030”.

Piper Alderman’s partner Michael Bacina was also quoted, who believes that the use of blockchain will only grow exponentially as more and more business owners see other business ventures reap the reward, assuring investors of its safety.

“Most fintech and regtech projects will either be built predominantly on distributed ledger technology or blockchain or heavily using that within the next 10 years.”

Power Ledger’s co-founder and Executive Chairman Dr. Jemma Green also highlighted that although over $26 billion had been raised through ICOs, Australia gained less than 1 percent of the profit. By properly regulating blockchain technology and ICOs even further, Dr. Green believes that tens of thousands of new jobs will be created, which will in turn bring in even more revenue to be invested in further development.

With the recent adoption of blockchain for quality assurance in Australia, an industry growth of $100 billion dollars in the agricultural sector is foreseen by senator Andrew Bragg.

A final report is due in April 2021, based on the current success stories citing the use of blockchain to record data pertaining to properties and investments as a direct reason for increased revenue.