“Opportunities in Crypto and Blockchain” was a topic discussed in the 22nd episode of the Coinnewsextra weekly Panel Discussion.
Coinnewsextra Panel Discussion is a weekly panel discussion with important players in the Blockchain space where important Blockchain topics are discussed every Wednesday at 9:00 GMT +1 You can join us same time next week live on Facebook for another educative episode.
The 22nd episode sponsored by EMTECH was anchored by Lee Ucheoma Ohaeri ( CEO Coinnewsextra), Charbel Ghostine Co- Founder Blockchain leaders, Jilian Godsil, a Former European Parliament Candidate and Blockchain Expert; Wassim Jarkas, a 4G/5G/ Blockchain and Telecom Expert and Tony Moroney, Managing Director at Beta Digital.
THE CURRENT STATE OF BLOCKCHAIN AND CRYPTOCURRENCY
Just like any other sector, technology and innovation, the Blockchain space has been influenced by the pandemic.
Blockchain became a financial vaccine for Covid-19. As we have known, bitcoin emerge after the 2008 crisis and the changes during and after the pandemic in addition to the rapid technological development gave a massive push to cryptocurrency and Blockchain technology. The Blockchain and cryptocurrency had huge potential related to finance, banking and other sectors.
“From a regulatory perspective, there has been a lot of vibes and awareness is spreading among the public”, said Wassim. However, initiative and institutions in the Blockchain space are still limited to sandbox kind of regulatory frameworks. He said, “awareness is spreading, a regulatory framework is revolving around the Blockchain and Blockchain is touching all the areas of our day-to-day life; there is still a long way to go in the mass adoption.”
There is a big debate going at the moment in terms of having a digital currency, Central Bank Digital Currency, Stablecoins but what government are trying to work through is how to make sure the system is secure and offer customers the same level of protection but at the same time open the system to bring more people in.
Jillian added that there is the space became hotter this year with the DeFi.
She said, “Decentralized Finance is exploding at the moment in the good and bad ways and has taken the middleman out of everything.”
OPPORTUNITIES IN CRYPTO AND BLOCKCHAIN
One of the biggest opportunity in the Blockchain space is tokenization. When there is a crisis, there will be liquidity push and firms look for a way to create more liquidity. Blockchain and tokens can be used to create new forms of liquidity.
Stressing on DeFi, Charbel said: “Defi would have a huge impact on the financial sector because the bitcoin and Blockchain have shown a successful experience for people for a transaction without intermediate parties.” There would be better opportunities in the financial sector with more Blockchain applications in areas like the stock market, insurance etc.
As a freelancer, delivery of project and payment would be easier and faster. A better example is Anytask, Jillian said that she made payment to a Nigerian for a task without having to go through the stress of international transactions.
OPPORTUNITIES FOR THE YOUTH
With the decentralised autonomous organisation and the Dapps associated with it, the youths can have a platform where they can be contracted for the development of certain applications and certain capabilities that can be used and implemented in an organisation that needs it and natively can earn money from these applications. The Ethereum is a very good example with models to bank the unbanked and opportunities for you to sell digital skills and values.
Also, there is numerous emerging recruitment platform on the Blockchain that the youth can actually get recruited to work in the Blockchain industry.
“Looking at it from a user perspective, the youth are already mobile and digital. So what we are going to see is more demand from youth in terms of all digital currency,” Tony added. He said, “From the youth perspective, (the Blockchain) is a simple way for access, a good way for security and transparency. There is a view coming through the youth market that the future payment is up for grasp and it would be pushed by the youth.
People who are Blockchain developer can command a premium and there are a lot of opportunities in the Blockchain space. You don’t have to be a programmer; You can get rewards for playing games, for selling e-books, for transactions in a more transparent space the Blockchain.
OPPORTUNITIES FOR THE NATION AND THE GOVERNMENT
Fighting the hyperinflation and creating the CBDC and stable coins will be a major opportunity for the government to reduce the cost of producing cash.
Government Blockchain models will emerge to fight all the fraudulent behaviours and the activities that are related to it.
Presently, what we are seeing is Blockchain hype and we are gradually moving to a period when the hype would be terminated with real applications in different sectors. There are a lot of opportunities and more to come in the coming years.