Fincredible MacroTalk March 8th: Blockchain
Comments on blockchain technology from $WMG $RDN $AXP $OSTK $GEVO $COIN $TASK $INTU $GOOG
Blockchain, the technology behind Bitcoin and most cryptocurrencies, is getting significant interest from large companies. A blockchain is basically a decentralized and distributed digital ledger that is resistant to modifications of recorded data. Once a transaction is approved and recorded on a blockchain, it can't be modified or erased. The nature of this technology makes it great for keeping track of transactions.
Source: Google Trends
Over the past six years, there has been an incredible interest in understanding the new digital opportunities that blockchain presents. As the world evolves, so does the way transactions occur. In fact, many companies are already looking for ways to leverage this new technology.
In this post, we’ve gathered quotes on potential use cases and investments in blockchain from company earnings calls. All quotes are sourced from Fincredible.
Blockchain Use Cases
Blockchain has traditionally been used for cryptocurrencies and NFT’s, but companies are looking for more ways to integrate blockchain into the economy. For example, there’s the possibility of migrating the settlement of stocks and bonds to the blockchain, or tracking ESG attributes of commodities through this technology.
“We have established and are developing a business called Verity Tracking that uses blockchain technology to track carbon and other sustainability attributes from renewable carbon sources through the end use. We expect that we will separate Verity Tracking out as a stand-alone company at some point, perhaps as early as in 2022. We think that the way to deal with all controversy around sustainability is to just document facts, use science and be transparent.”
Patrick R. Gruber, CEO
“Next question comes from Gerardo D., who asks if there's a roadmap for Coinbase to support traditional securities such as stocks.”
“Not at the time. Over the long term, our view is that everything will eventually migrate to blockchain technology. So we'll see security tokens as an example and we're excited to support those in the future. We're investing in the infrastructure to power that future, but we do not see that as a near-term roadmap item.”
Alesia Jeanne Haas, CFO
“tZERO, has an exchange, it's ATS, which is allowed to use blockchain. Blockchain holds the promise for the trade being the settlement. We're taking the swap out of the settlement system. Currently, trades settle at trade plus 2 or T+2, tZERO offers the ability for trade plus zero or tZERO.It also, I think there's great opportunity with NFTs, non-fungible tokens, get opportunities with crypto. To me, tZERO can be a crypto wallet in exchange for NMS securities and exchange for security tokens and exchange for NFT.”
Jonathan E. Johnson, CEO
“We have also invested in and launched our innovative digital purchase title platform, TITLEGENIUS, leveraging patent-pending blockchain technology. This platform is focused on transforming the purchase title process for real estate agents, homebuyers and lenders. As we enter 2022, we are focused on growing our penetration of the purchase title market, leveraging this digital platform.”
Richard Gerald Thornberry, CEO
“With respect to Web3, which is a broad way of talking about blockchain, crypto, NFTs as a former crypto and so on, we see not only the beginning of interactive models coming to the surface and beginning to engage fandom around the world. But we think there are going to be more opportunities than we can even imagine as I'm sitting here in my kitchen today. I will say this, I think that the emergence of Web3 is going to further amplify the importance of music labels and publishers. This is an area between models that will emerge, the technology of blockchain, the perils of navigating crypto, the skill sets required to deal with distributed autonomous organization will require organizations like us that have the financial resources the intellectual capital.”
Stephen Forbes Cooper, CEO
Companies Exploring Investments In Blockchain
Three of the latest companies on earth, Alphabet, Intuit and American Express have mentioned they’re investing in blockchain technology. While their plans are not yet known, it’s significant that these companies are dedicating resources to this emerging technology.
“We are definitely looking at blockchain and such an interesting and powerful technology with broad applications, so much broader again in any one application. So as a company, we are looking at how we might contribute to the ecosystem and add value.”
Sundar Pichai, CEO
“While our strategy remains durable and the essence of our big bets are the same, we have expanded the customer problems we want to solve and our vision for each Big Bet. For instance, as part of first Big Bet, revolutionize speed to benefit, we are accelerating investments in decentralized technologies such as blockchain and cryptocurrency, enabling us to help customers put more money in their pockets faster.”
Sasan K. Goodarzi, CEO
“And as far as blockchain, look, we've got investments in blockchain companies. We constantly look at blockchain and figure out are there are there use cases for us. So and as far as stable coins and NFTs and things like that, we're partnering with, obviously, the NBA and Top Shop and we'll look at ways to get involved. But as I've said, we're probably not going to offer a crypto card. It doesn't mean we wouldn't use MR as a redemption option. And I've said many times, it's a digital currency in itself. So we keep our eye on it. We keep our eye on buy now, pay later in case that tie changes. We keep our eye on cryptocurrency in case it becomes more stable. But right now, I don't see it as immediate or medium-term threat to our business.”
Stephen Joseph Squeri, CEO
Blockchain Related Services
As the adoption of blockchain grows, some companies will offer services specifically designed for the blockchain. For example, TaskUs is already conducting KYC, security and anti-money laundering services for blockchain transactions.
“We've been working with some of the industry leaders in both the fintech and cryptocurrency space. In addition to providing the customer support, we're also providing financial crimes work, where we're analyzing blockchain security transactions, doing anti-money laundering and know-your-customer work. And so while we've seen robust growth over the last year, we think we're just getting started in the overall growth potential in this space.”
Bryce Maddock, CEO
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