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The Future Of Blockchain, NFT, And Finance According To Deepak Thapliyal

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Oct. 9 2022, Published 12:58 p.m. ET

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Blockchain technology is one of the most revolutionary innovations in recent years. The technology provides a new way to create trust and transparency without an intermediary while ensuring accountability through decentralization. In the world of finance, blockchain technology has attracted great interest from financial institutions such as banks as well as developers.

With the introduction of cryptocurrencies like Bitcoin, we have seen an unprecedented transformation in how money moves across borders. People no longer need to wait for a wire transfer or cross their fingers that they can get physical currency exchanged in time. Instead, they can send cryptocurrency as soon as it has been mined. NFTs have improved trustless trading platforms and facilitated cross-border transactions with reduced cost and improved efficiency.

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It's not difficult to see why some major banks like Goldman Sachs, Morgan Stanley, and JP Morgan Chase have invested in cryptocurrency trading platforms and why more are following suit. A recent report released by Business Insider shows that 55% of the world's top 100 banks are investing in the crypto and blockchain space. These companies have successfully leveraged developments in public blockchains like Ethereum and Bitcoin, and experts predict that institutional adoption of crypto will increase as more organizations switch to private blockchains.

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Deepak Thapliyal says organizations are adopting private blockchains for both compliance and regulatory reasons or because they need to monitor and implement specific applications and rules to fit their business criteria. Private blockchains are permissioned networks with restricted access where only authorized participants can execute transactions or view data on the ledger. These blockchains allow companies to create systems that facilitate transactions without third-party oversight or interference and without compromising the benefits a blockchain offers. That gives organizations greater control over specific functions such as tracking assets and records.

According to Deepak, this function is best suited to banks, and his team has already helped several banks test the use cases of private blockchains. Deepak is the CEO of Chain, a blockchain-based technology company on a mission to enable a smarter and more connected economy. The company "builds cryptographic ledgers and cloud infrastructure that underpin transformative financial products and Web3 services." In its quest to "build a more robust global financial system through blockchain and cloud technology," Chain has partnered with several banks to test the effectiveness of private blockchains.

A notable achievement was a partnership between banks and Chain to launch a private settlement network between Citibank, Nasdaq, and Visa for instant settlement on a pilot program. The highly-successful pilot demonstrated how effective blockchain technology could be in banking and why more banks should develop their own private blockchains. Deepak adds that most banks currently operate on outdated systems, which are costly and inefficient. With blockchain, banks can improve their efficiency by potentially eliminating intermediaries and commissions and minimize fraud by reducing human errors in accounting, record-keeping, and reconciliation.

Blockchain technology can also make lending easier for banks and their customers by facilitating instant settlement of transactions. Consequently, that reduces problems such as double spending and defaulting, making it easier for customers to maintain their liquidity. Blockchain can also facilitate instant account opening, attracting more customers to a given banking institution.

Deepak and the team at Chain believe this is the future of the banking industry, and industry statistics back them up. The team hopes to attract more banks and help them improve their efficiency and effectiveness with blockchain technology.

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