As the digital asset space continues to evolve, many have noted the gap between investing in cryptocurrencies and widespread adoption of consumer applications. Anthony Moro, CEO of Provenance Blockchain Labs, shared his thoughts on these challenges ahead of his appearance at the Benzinga Future of Digital Assets Conference.
Deploying encryption: Overcoming business and operational hurdles
When asked why crypto applications haven’t reached the level of adoption that many initially expected, Moro highlighted several obstacles. “Historically, there has always been some trepidation from more conservative companies regarding the regulation and investor protection of cryptocurrencies, (but) that is no longer the case. Currently, obstacles are more It’s become a business and operational thing,” Moro said.
He noted that companies need to make adjustments as to which areas are most ready for blockchain disruption. “For example, highly intermediated financial sectors such as consumer lending and securitization of loan portfolios (such as mortgages) are obvious areas, and both have flourished with Provenance Blockchain,” he said. Moro emphasized that adoption has been slow in some areas, such as tokenization in insurance, but that adoption will ultimately yield clear benefits.
Successful tokenization of insurance
One notable example that Moro highlighted is the collaboration between Provenance Blockchain and Infineo, a company that has brought life insurance policies to blockchain. “ProvLabs recently helped launch a company called Infineo to tokenize life insurance policies, which was the first of its kind,” Moro said. He added that by September, more than $190 million had been minted on-chain, a notable success in demonstrating the practical benefits of blockchain.
Knowledge gap in blockchain implementation
Another big hurdle, according to Moro, is that companies need to gain knowledge and expertise in blockchain technology. “Moving business functions to blockchain requires a lot of education and knowledge acquisition, especially if it is a critical legacy part of the business,” he said. Many companies don’t yet have the equipment or budget to handle this transition, so ProvLabs offers a solution.
“We take the burden off their shoulders with a SaaS solution that allows them to connect Web 2.0 applications directly,” said Moro, who said his company is helping traditional enterprises bridge the gap to blockchain integration. We explained how we are supporting them.
Join industry leaders like Anthony Moro at the Benzinga Future of Digital Assets conference to hear more about the future of digital assets and the challenges shaping the industry.
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