The past 12 months have been significant for blockchain and cryptocurrency. Crypto has seen an increase in litigation by investors against bad actors and blockchain has moved further into the mainstream. The buzz about how blockchain and crypto can be applied to public crises such as the pandemic is increasing.
Industry key players believe that 2020 will be a time of tremendous change. Cryptocurrency adoption will increase as financial institutions and the authorities look for a way to distribute aid. Pharma and medical supply industries are also likely to look at how distributed ledger technology can fix supply chain issues. Crypto and blockchain will increase in popularity, far beyond the end of the pandemic.
Cross-border crypto and blockchain
Blockchain is being widely used in Asia and Europe already. Governments have embraced it as a way to track COVID-19 financial aid and to avoid abuse. Insurance companies are also using it to fast-track claims and pay-outs to clients. These are good examples of the technology’s ability to track, log, and share sensitive information in a secure way. More governments will leverage blockchain to track other data regarding the spread of the pandemic. in the near future, we could even see a global blockchain database being created. This could store and share research, data, and information between countries.
Increased adoption in financial services
Over the next year, we can expect to see cryptocurrency usage increase among financial institutions. Mobile apps, ATMs, and general public use will lead to institutions jumping on the bandwagon to meet clients changing needs. Other products we can expect to see include contactless crypto cards, corporate cryptocurrency wallets, and apps that record transactions on the blockchain.
A crackdown on crypto-fraud
2019 was a significant year in terms of cryptocurrency litigation. High numbers of crimes and fraud were tried both criminally and in civil courts with some $4 billion recorded in losses. But this is actually a good thing. The fact that such losses are being reported and prosecuted means that the crackdown on bad actors is working. Hopefully, this will dissuade people from engaging in scams. It should give confidence to consumers that there is legal recourse if something goes wrong.
An uptick in crypto and blockchain incorporations
A positive side effect of increased adoption by the public, governments, and institutions is more entrepreneurs wanting to be a part of it. Fast Offshore has noticed an increase in requests for assistance with incorporating a cryptocurrency business, crypto exchanges, and crypto online gambling companies. Over the next 12 months, this trend is expected to increase. There’s been an increase in the number of clients asking to integrate crypto-payment providers into their platforms. This is indicative of a wider cultural shift towards crypto and digital money economy.
If you are considering moving into crypto and blockchain, the time is now. Fast Offshore has years of experience in the sector and over 22 years of corporate experience. We can assist with licensing, incorporation, tax, compliance, and a range of other business matters. To find out more about starting a crypto company, get in touch with us today!