Blockchain technology is about to surpass its association with cryptocurrencies, such as Bitcoin, and is expected to revolutionize several aspects of our lives.
According to a forecast by research firm Gartner, blockchains will generate $3.1 trillion in new business value by 2030.
In light of these developments, Benzinga recently spoke to Chen Zhuling, founder and CEO of RockX, at Crypto Expo Asia. A prominent figure in the blockchain industry, Zhuling has a strong background in infrastructure development and financial applications, with experience ranging from central bank regulation to mobile payment services.
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Here is an excerpt from our interview with Chen Zhuling where he shared his insights on the future of the blockchain industry, the current state of the cryptocurrency market (including its recent downturn), and the potential of Web3.
Why are major technology developers moving to the blockchain industry and what does the future of the blockchain industry look like?
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The attraction of leading technology developers to the blockchain industry represents a wider recognition of blockchain as more than just a financial instrument – it is a foundation for the new digital frontier. Blockchain is akin to a new internet, increasingly used as a robust, decentralized platform for innovation. This evolution is still in its infancy and is viewed by regulators mainly through a financial lens. As the industry matures and regulations broaden to embrace the technological potential of blockchain, we will see a global surge in blockchain-enabled innovations.
Tell us a bit about the current sentiment in the crypto market. Where do you see it coming back from the recession? Where do you see Web3 and its outlook?
Like any other market, the cryptocurrency market is subject to fluctuations and downturns. However, those who see the long-term potential of these digital assets and the technology that underpins them may find it worthwhile to weather these volatile periods. The future of Web3, the decentralized internet, is promising. While we cannot predict the exact timing of a market recovery, we can expect continued growth and development in this area, opening up new applications and opportunities.
Read also: Web3 and Blockchain technology for small businesses: utopia or soon reality?
Tell us about the institutional adoption of cryptocurrencies. Are crypto assets still a viable investment vehicle?
The institutional acceptance of cryptocurrencies is a critical indicator of their viability and future potential. Assets such as Bitcoin and Ethereum have been embraced by more and more financial institutions, indicating strong confidence in their value as an investment vehicle. As the industry matures, we are likely to see more sophisticated products appear, from passive staking returns to hedging mechanisms, all aimed at optimizing the potential returns of these crypto assets.
What is the latest development in Ethereum and how will it strengthen its position in the crypto market in the coming days?
Ethereum’s recent transition from a mining-focused proof-of-work model to a more energy-efficient proof-of-stake mechanism represents a significant step forward for the platform. This change has boosted participation in the Ethereum network and attracted institutional attention. The Shapella upgrade, successfully implemented in April, has further strengthened Ethereum’s appeal, leading to a surge in ETH. While current staking returns of 4% to 6% may seem modest, they represent a sustainable method of earning crypto returns without the inherent risks associated with trading or borrowing.
Why are Cosmos and Polkadot against Ethereum?
Emerging blockchains like Cosmos and Polkadot, while still younger than Ethereum, are rapidly carving out their niches. Cosmos is known for its innovative scalability solutions, while Polkadot stands out for its interoperability. These new kids on the blockchain block aren’t trying to eclipse Ethereum, but rather contribute to a competitive landscape that drives industry-wide innovation, benefiting developers and users alike.
Now read: The Great Decoupling: The Correlation Between Bitcoin and Stocks Declines After the Pandemic
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