Just a few weeks ago, action out of China in the cryptocurrency space had markets wondering where bitcoin and, just as importantly, blockchain as a technology, was headed. Fast forward to the start of October, however, and it seems that companies are lining up to make their opinions public and to let markets know that they are very much behind blockchain as a technology and, in many cases, have ongoing operations rooted in the space.
Last week, we learned that Goldman Sachs was taking a stance completely opposite to its competitor J.P. Morgan and is open not just to development using blockchain but also to potentially trading bitcoin in an attempt to profit from volatility and acting as a market maker for big transactions in the space.
Yesterday we learned that a number of banks, including some of the biggest financial institutions in the world, are exploring methods of blockchain integration into their various operations.
Today, we learned that a Canada-based blockchain research effort called The Blockchain Research Institute has added a raft of big-name members to its already impressive roster. Among those newly introduced as members of The Blockchain Research Institute are Deloitte Canada, the Depository Trust & Clearing Corporation (DTCC), Fujitsu, telecom provider Bell Canada and gold mining giant Barrick Gold.
Additional new members include Tencent and FedEx, and the Ontario Ministry of Health.
The importance of this sort of big-name backing cannot be understated. If bitcoin is going to be validated as a currency and if, perhaps, more importantly, blockchain is going to be validated as a technology, then the companies that control large swathes of global developed markets and that influence consumers need to help push things along. Sure, decentralization is key to the concept that underpins the space, but nothing’s going to speed up mainstream adoption as quickly as the concurrent adoption of the technology by industry titans.
That is what we are seeing here.
Further, this is just in Canada. Similar organizations are spread throughout the world and, among these organizations, we are seeing similar trends.
Let’s hope this wave of acceptance continues and pushes both adoption and the price of bitcoin and other cryptocurrencies higher as it does.