The first two quarters of 2017 were marked by massive growth in the crypto market. Many companies around the globe have included blockchain and digital currencies on their agenda for 2017.
From an economic point of view, the demand for blockchain products is growing disproportionately. It doesn’t matter whether companies initially decide to simply research the technology in more detail or to rely on blockchain solutions that have already been developed. The bottom line is that all measures for the adoption of blockchain solutions generate an increased demand for digital tokens and thus drive up the price of Bitcoin as well as the price of all other digital currencies.
Especially the growing number of partnerships and consortia in the blockchain world increases the interest of new companies, because none of them wants to and can afford to be the taillight.
Partnerships are the key to mass acceptance
Partnerships with conventional companies have proven to be a very important driver for the acceptance of blockchain technology.
Only recently has the value and thus the market volume of the digital token Ripple increased significantly. The reason for the rapid increase is presumably the merger of various banks in a Japanese consortium. Here, joint research is being conducted on solutions for the international cross-border transaction market.
The Enterprise Ethereum Alliance (EEA) has also provided for an increase in the value of blockchain technology. The EEA was founded at the beginning of the year and recently tripled its membership with 86 new partners. The Ethereum course reacted promptly with a strong increase in value.
Working together is the key to success
As the number of partnerships and mergers between various companies increases, Raymund Chao of PwC Greater China expects a solid basis for future research into blockchain solutions:
“Research into advanced technologies is becoming a top priority for many companies. Innovative applications and blockchain solutions can have a positive impact on the effectiveness of supply chains, brand reputation and even customer experience.
PwC will also make its first blockchain investment through the acquisition of BitSE VeChain, a blockchain-based anti-counterfeiting and supply chain company based in China. BitSE aims to further accelerate the adoption of Blockchain in Hong Kong and Southeast Asia.
The strong growth of blockchain cooperations is increasingly drawing more companies under the spell of blockchain technology. With increasing awareness of blockchain technology, a global trend can quickly emerge – a trend that is flushing more and more companies and thus investors into the industry.
An increased demand for blockchain-based solutions automatically results in an increase in the value of the associated digital currencies – the value barometer of every blockchain technology.