The VP at financial services company Federated Investors, Steve Chiavarone says that blockchain will be a key factor to “drive this next industrial revolution,” reported Cointelegraph on May 12.
Chiavarone thinks the blockchain technology will be a driver of economic growth regarding automatization and by increasing efficiency in business processes.
“When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back-office and time and paperwork with more instantaneous verification […] that will allow cost to be cut and that savings sic to be passed along.”
He placed the blockchain in technology in the five emerging technologies that will “drive this next industrial revolution,” with the Internet of Things (IoT), automation, robotics and Artificial Intelligence.
He also expressed that companies like Nvidia and Intel that “enable blockchain verification” can have a huge impact on how investors can “play” the potential of the blockchain.
He further stated that big banks such as the Bank of America are starting to invest massively in the technology. He also noted that “any company with a supply chain can benefit from this blockchain.”