Exploring the Evolution of Blockchain Technology and Its Impact on the Emerging Market: Insights from Money20/20 Panel Discussion

The evolution of blockchain technology and its impact on the emerging market were at the forefront of a panel discussion at Money20/20, featuring industry experts from Ripple, Domin Network, and Kraken.

The panelists, Cassie Craddock, Ioana Surpateanu, and Kaushik Sthankiya, emphasized the importance of merging traditional finance with blockchain technology to understand its wider impact and shape the future of blockchain. Surpateanu highlighted how blockchain optimizes and attracts consumers in creative industries, noting that the coexistence of traditional finance and blockchain is already a reality and will continue to evolve.

Interoperability was a key theme throughout the discussion, with Surpateanu stressing its importance in preventing fragmentation in blockchains and fostering innovation. The panelists also emphasized the need for centralized exchanges to secure platforms for retail and institutional customers to engage with crypto.

Reflecting on the past year, the panel discussed the substantial growth of the crypto market, with Surpateanu noting the shift in focus from ‘blockchain, not crypto’ to infrastructure development. She highlighted the crypto market cap exceeding $2.6 trillion USD and the growing interest in tokenization technology among fashion and gaming companies.

Sthankiya highlighted Kraken’s growth and the improved safety, security, and regulatory compliance in the crypto industry over the past twelve years. The conversation then turned to the practical applications of blockchain in payments, with Craddock discussing how cross-border payments have become faster and more efficient thanks to blockchain technology.

Sthankiya emphasized Kraken’s role in facilitating large-scale transactions for institutional customers, while Surpateanu provided a critical viewpoint on banks’ integration with blockchain, noting that regulatory concerns and a compliance-driven mentality often hold them back from fully embracing the technology.

Overall, the panel discussion shed light on the evolving landscape of blockchain technology and its potential to revolutionize the financial industry.