The blockchain is among the five technologies that will drive the economy and that will usher in the next industrial revolution. This is according to Steve Chiavarone, a VP at Federated Investors which is a financial services firm headquartered in Pittsburgh, Pennsylvania that manages over $360 billion of customer assets. In an interview on CNBC, he described the blockchain’s ability to replace expensive reconciliation for businesses with instantaneous verification as having the potential to cut costs and increase efficiency for businesses.
Blockchain To Drive Industrial Revolution
Chiavarone hailed the blockchain as being among the technologies that will be the bedrock of the next revolution.
While buying Bitcoin is not the only way to take advantage of the growth of the blockchain, it was the first way that went mainstream which enabled individuals to invest in the industry, Chiavarone noted. Big corporates are investing heavily in the technology now as they recognize its revolutionary potential including Bank of America which recently announced its blockchain ventures.
Any company that has a supply chain can benefit greatly from the blockchain, he went on. Some of the biggest tech names have realized the enormous potential the industry has and they are rushing in to take advantage. They include Intel and Nvidia which are raking in millions of dollars as the demand for mining chips surges. The beneficiaries of the blockchain revolution are distributed in many diverse sectors which include healthcare to financials to shipping and logistics companies.
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