Federated Investors VP Says Blockchain Will Help Drive the Next Industrial Revolution
Steve Chiavarone, a Vice President at Federated Investors, has said that Blockchain will help drive the next industrial revolution. In his response on whether Blockchain will be a driver for economic growth Chiavarone noted the potential for automation and efficiency increase offered by Blockchain. The vice president noted that:
“When you think about Blockchain from a business perspective, it has the ability to replace reconciliation in businesses which is expensive and which required back-office and time and more to that a lot of paperwork with more instantaneous verification. By using Blockchain technology, such costs will be cut, and there will be more savings.”
Chiavarone also said that Blockchain was among the top 5 technologies which have the power to drive the next industrial revolution. The other technologies with would help Blockchain are Internet if things, Artificial Intelligence, Robotics, and automation. When he was asked how investors can help the potential of Blockchain, he pointed out to companies like Intel and Nvidia which already have enabled blockchain verification with evidence in the production of computer chips which are used in mining.
Chiavarone who also acts as a portfolio manager at Federated Investors which manages 392.2 million dollars noted that some of the world’s biggest banks like Goldman Sachs and Barclays were already showing interest in Blockchain technology with most of them investing heavily in the technology. He added that companies which have supply chain could in a huge way benefit from Blockchain technology. A good example of a company benefiting from Blockchain technology is Samsung which launched the platform to control its worldwide supplies.
Blockchain technology is gaining special attention in the United States with the several subcommittees from the House of Representatives meeting to discuss the potential benefits of the technology in Supply chain management. They concluded that the technology could be used in different areas like protection of cybercrime and the US customs and border protection despite its current lack of industry-wide standards.