As with any new innovation, it takes some time before the incumbents in the sector fully adopt change.
The same is true for crypto.
Surprisingly, although some traditional investors have been experimenting with cryptos potential, the overwhelming majority are still apprehensive.
Heres what we found out.
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TheDIFCis the largest international financial hub in the MEASA region with over 3000 companies operating out of the hub.
Its innovation ecosystem comprises 450+ tech companies including a growing blockchain community.
Therefore, regulators need to step in to provide more certainty and transparency for participants.
However, a lot of processes in terms of custodianship still need to mature.
Consensys is a software company that enables people to use Web 3.0.
They pointed out that crypto means encrypted.
Sokolin insists that crypto isnt just an asset class but also a platform for user generated content.
Millions of tokens are issued every day on blockchains and in virtual worlds.
Similar to writing emails, tokens and digital assets have this trajectory in terms of volume.
Computational blockchains unlock the creation, transaction, and building of communities.
What resulted was a spam filter that learns every time you move an email to spam.
This is particularly important to enable emerging markets to reap the potential benefits of crypto.
Disruption will always cause uncertainty but it doesnt mean the end.
Metallica sued Napster in the early 2000s and won.
But it didnt stop the music industry going from a physical closed ecosystem to a digital open ecosystem.
Similarly, China banned Google and Facebook, but users found a way around it via VPN.
Sokolin thinks that Chinas current ban on crypto isnt strong enough to stop the space.
Regulation might slow progress, but it wont change the underlying creative assets.
For example, how do you know who is offering the best fairBitcoinprice?
She was previously an Innovation Strategist at Quirk London.
Aside from writing for TNW, she also blogs on the Huffington Post UK.
