Despite Blockchain’s decentralized nature, there are several areas vying to be Blockchain hubs. Even though New York granted only the fifth Bitlicense in existence recently, the city is quickly becoming the leading global hotbed for Blockchain tech and commerce.
Yet, there are other locales vying to be the next hub including Silicon Valley, Chicago, Austin, and Boulder. Blockchain, also known as Distributed Ledger Technology (DLT), is looking to set up shop elsewhere with Bermuda, Seoul, Hong Kong, Tokyo, as well as Estonia and Malta, all emerging as prominent contenders. It seems Blockchain technologies are more mainstream overseas than they are in North America.
In order for the movement to legitimize itself in the eyes of institutions, it must have a settled and acceptable regulatory framework. The biggest problem market participants and potential entrants face are the seemingly ever-changing decisions regarding jurisdiction and enforcement, as well as different regulatory agencies producing diverging guidance. Here at iCash, we operate in multiple jurisdictions and presently work with 25 different law firms across the world. In close concert with these advisers, we constantly strive to adhere to regulations that are in flux.
These regulatory decisions will have far-reaching network effects. Geographies with regulatory clarity and consistent guidance will see higher capital inflows and larger numbers of Blockchain businesses, largely because these jurisdictions are trying to solve a big sector issue. Market participants that are drawn to these locales involve everything from Blockchain users, exchanges, firms, along with hedge funds bringing innovation, employment, tax revenues and media attention. The question as to whether or not “Blockchain is going mainstream” is being answered every day in dollars and cents.
We think going “mainstream” – both in terms of intention and applicability – are two different things. DLT’s applications, acceptance, and mainstream use are certainly gaining momentum, and this is a development we are at the forefront of.
Blockchain topics now have an entire slot on the calendar as evidenced during New York Blockchain Week, evolving from singular events like Ethereal and Consensus 2018.
Today it is no longer a question of “if”, but rather “when” Blockchain goes fully mainstream, and the answer is growing increasingly apparent. The more people living outside of our “Blockchain world” who can understand “What is Blockchain?” and “What is cryptocurrency?”, the greater the certainty we all have knowing that this movement will become widespread and embraced globally.