Trends & Research

Trends & Research

Access the power of data and objective insight. Data from various sources, including NEACH surveys and member interviews, is compiled and made available as white papers, case studies, articles, benchmarking, and industry reports to provide a snapshot of both the current and future payments landscape. 

Published on Wednesday, October 19, 2022

Will the 2020-2040 Era be Supported by Blockchain?

As NEACH works within the community to build resources and gather content, we come across key resources right in our own backyard. Recently, I've had the pleasure of connecting with and getting to know the work of the Boston Blockchain Association (BBA). The events they're conducting and the individuals that are part of their association offer a resource for NEACH members in learning about all the different flavors of cryptocurrency and distributed ledger. We asked them if they could introduce themselves to the NEACH membership, and what follows is the summary of their work. I thank the BBA for their contribution to this community. Read on to learn more. 

First, a few data-points for New Englanders to set the context:

  1. Education: Leadership of New England as one of the intellectual capitols of the world. With its broad array of education institutions, New England is a global leader in Executive, Grad, Undergrad, and secondary education. Thus, the need for Executive, Grad, and Undergrad Education across industries and specialties in the Commonwealth. The insertion of blockchain curriculum across educational specializations is an imperative, to include medical, biotech, life sciences, of course computer science, data science, engineering, and math, in addition to legal, finance, actuarial, marine biology, and government.
  2. Across Industries: Blockchain is forecasted to be a multi-trillion-dollar industry, with deep impacts across almost all industries over the next 20 years.

https://www.techrepublic.com/article/web-blockchain-technology-market/

          https://www.cbinsights.com/research/industries-disrupted-blockchain/

  1. Security and Sustainability: Often overlooked in the drive to make money, solve old riddles with new technologies, and reach new markets, Blockchain technology is also forecast to be an important tool in the defense against Cyber threats and attacks.

https://www.forbes.com/sites/forbestechcouncil/2022/03/04/how-blockchain-could-revolutionize-cybersecurity/?sh=22d4d193a41f

In this context, the Boston Blockchain Association has risen from a start-up in 2018 to a leader and influencer in one of the nerve centers of global tech and innovation. The BBA's tri-fold mission has been to advance blockchain technology globally, to establish Boston – and by extension, all of New England – as a global hub of blockchain innovation, and to bring educational resources to the blockchain community. To date, the BBA has focused on three industry verticals: Finserv, Government, and Education.

Going forward, the BBA has a vision to foster a New England Blockchain Ecosystem and thereby support the region in the transition to Web3. As an example, the BBA has been working closely with Liz Tanner, the new Secretary of Commerce of RI, to develop a cross-functional "Blockchain RFP for Government Services" and has been supporting the Providence locations of the CIC/Venture Café with blockchain content for the startup community in RI.

To practically and tactically address the needs of Finserv, Government, and Education, in the fall of 2022, the BBA is convening a Career Fair for area students in October, an Executive Forum for both government and industry leaders in November, and a TABB Digital Asset Summit in December. The Career Fair is purpose-built to begin addressing the blockchain talent gap. The Executive Forum provides an effective learning environment customized for busy, successful executives who want to quickly get up to speed on the business and government applications of the technology. And the Digital Asset Summit convenes regional players in the Finserv space to learn and connect around the emerging digital asset class.

Additional Thoughts

Blockchain education is not a "nice-to-have." On the contrary, Blockchain education is a "need-to-have." Who better to lead that effort than New England. Project Hamilton, the collaboration between the Boston Fed and the MIT Digital Currency Initiative, both global leaders in their respective domains, is a premium example of New England-based research and reporting in the blockchain space, in this case, Central Bank Digital Currencies.

Wyoming, Miami, Florida, Texas, and to a lesser extent Rhode Island, Vermont, and New Hampshire are widely considered to be leaders in fostering the necessary legal and regulatory infrastructure to support blockchain innovation. Mass. is generally lagging, not innovating.

Nationally, President Biden's new executive order, "Ensuring Responsible Development of Digital Assets" is a the most recent and notable call to action in this category. <Forbes>

Finally, the BBA appreciates the partnership with NEACH. There's no doubt about it – traditional banking and financial services will see both disruption and opportunity in the Web3 era. As with any sea-change in business, government, and education, adaptation to new technologies and operational methods – and the teaching and communication thereof – is crucial to a sustainable, innovative, peaceful, and prosperous economic and cultural future. Will the 2020-2040 Era be Supported by Blockchain? What do YOU think? The blockchain community sees the promise.

Respectfully submitted by the BBA Leadership to NEACH


#Cryptocurrency

 

 

Joe Casali, AAP, NCP

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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President

As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.

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