Although the cryptocurrency bear market has lasted almost a year, some investors and analysts remain optimistic about the long term prospects of blockchain technology. JP Morgan Chase
A recent CNBC article details how large corporations like Accenture, Facebook
JPMorgan Chase predicts that blockchain will spark a "blockchain as a service," or "BaaS" industry and benefit three companies in particular. Blockchain tech can disrupt the status quo with middleman displacement opportunities. The bank named Akamai
Energy is another sector where blockchain's potential shines. In Singapore, companies are already using a blockchain system to trade renewable energy certificates. Each certificate represents a unit of green energy produced from wind or solar power. Companies seeking to offset their carbon footprint buy the certificates from firms that produced excess renewable energy power. Utilities provider SP Group stated that the blockchain trading provides better transparency and lower transaction costs. Also, consumers can buy green energy through the certificates. The distributed ledger has opened up Singapore's energy exchange, and companies are looking to expand trading beyond the country's borders.
Although the cryptocurrency bear market seems to have no end in sight, traditional corporate giants are enthusiastically researching ways to leverage blockchain technology, improve their operations, and influence market growth. The long term potential of blockchain might still be disruptive for tech, digital services, and energy.
The author owns a small long position in F and WMT.