The Future of Blockchain and Emerging Market Disruptors by Romain Chiaramonte

Romain Chiaramonte

Right now, someone is busy creating a blockchain solution for disrupting traditional business designs. This is happening almost in every industry globally, signifying a major evolution in commerce. So, what does the future of blockchain look like according to Romain Chiaramonte

Looking at the History of Blockchain Technology 

Blockchain technology can be traced back to around 400 A.D, when postal services were introduced to serve as an intermediate in the collection of products, transportation, and delivery to the targeted clients. Later in the 1990s, a global network referred to as “internet,” and “email” simplified global communication and commerce at speeds previously considered impossible. 

Now, the boundaries of commerce are undergoing another evolution supported by blockchain technology. To understand where this new evolution is headed, it is prudent to recognize two categories of organizations helping to drive innovation. 

Romain Chiaramonte

The Main Players in the Blockchain Industry

In the blockchain industry, the headlines are mainly hype-driven, capturing exciting news of founders and innovators. According to Romain Chiaramonte, there is an increasing number of less-tenured entrepreneurs pairing with industry veterans to get started with new organizations. 

These disruptors are focusing on blockchain differently from legacy organizations. For them, it is not about incremental change but redefining how enterprises are doing business across the globe. Although slow because of natural constraints, legacy organizations are evaluating blockchain technology and focusing on adapting. After Jamie Dimon, the CEO of JPMorgan Chase, described Bitcoin as “worse than tulip bulbs” in 2017, the company has changed and is now one of the most active banks in the blockchain industry. 

Other legacy organizations that are joining the blockchain industry include more than 70 central banks, which signify a major shift from their previous opposition. Even the World Bank has already launched its Central Bank Digital Currencies (CBDCs). 

The Divergent Roads: One Supporting E-commerce Evolution 

Most of the emerging disruptors are new businesses (startups) with huge potential for prompt experimentation and growth. Those still evolving their concepts have shown demonstrable results for disrupting the existing companies in the market today. 

Legacy organizations are also approaching blockchain from the other end, trying to redefine their operations by incorporating new technology. While these organizations are mainly interested in operating efficiencies, some are only stopping short of fully adopting blockchain technology. 

In his view, Romain Chiaramonte indicates that although the removal of intermediaries, transparency in business operations and frictionless transactions are impressive, the real winners are those who design blockchain-related applications. 

Blockchain Use-Cases 

Blockchain-enabled company models have introduced a paradigm shift to demonstrate how to carry out business. The implications on business are expected to be a game-changer because of the global digital economy and decentralization of the business model. Below are some of the examples of new technologies causing disruptions in different industries: 

  • Smart contracts. 
  • Token economy. 
  • Digital identity solutions. 
  • Security via verification.

Navigating the Complexities and Regulations of Blockchain Applications

With innovative enterprise models, companies need to consider the regulations and policies. Professionals are now left with looking at the rules by evaluating the application of blockchain technology in commerce. Let’s take a closer look: 

  • Tax: This entails determining if crypto are commodities, debts, security, inventory, or cash equivalent. Then, they have to establish if there is any relation to indirect tax, income tax, or payroll-related tax for analysis. 
  • Audits: The adoption of blockchain technology may help to increase transparency in audit and financial reporting. Sandro Psaila, an IT and Audit Manager at Deloitte, indicates that blockchain will help simplify the process, making it easy because auditors can simply access the data on the public ledgers instead of asking clients for statements. 
  • Controls: Tech consultants are working hard to debunk the hype about blockchain and coming down to educate stakeholders on what blockchain does and what it does not do. 

Today, the boundaries of commerce are getting pushed by emerging innovations from companies such as Rivets, Covic, and Brave. They are helping to reengineer commerce, business models, and how companies relate to their clients. We have to agree with Romain Chiaramonte, who says that they are the future of blockchain.