BT issue 16 VF - Flipbook - Page 12
ISSUE 16
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EVOLUTION OR REVOLUTION?
FINTECH, BLOCKCHAIN AND WEB3
Written by Ally Kerr, Group Director
T
he looming emergence of Web3 and the
ongoing disruption created by the evolution of
blockchain technology is proving to be a radical
disruption to financial institutions. We are not seeing a
continuance of existing ways, but rather the formation
of an entirely new market, and a means of banking the
unbanked.
While the finance industry’s initial reaction to blockchain
was largely disdain, this once ‘worthless’ investment
has rapidly risen to the fore of mainstream popularity
and acceptance in the global financial industry. Web3 is
imminent, no longer a theoretical future development
but a certainty already commanding huge investments in
virtual ‘retail’, from commercial concerns to residential
plots of land selling for hundreds of thousands of
dollars.
AND JUST LIKE THAT, A NEW FINANCIAL FRONTIER
APPEARED
The end of last year saw one investor stumping up
$450K to be Snoop Dog’s virtual neighbour in the
metaverse, and that’s only the beginning of this brave
new (virtual) playground. An arms race is now taking
place among Fintech companies desperate to build the
best blockchain platform, capable of supporting all
transaction types in unique contexts.
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