On-chain data supplier.Make the blockchain industry more mature
【Published by: ABMedia | Editor: ABMedia | Translator: Statecraft 】
Many companies with data on the chain have sprung up. In fact, the current blockchain industry and regulatory agencies are also in need of professional blockchain data analysts to bring higher value to these immutable and transparent materials. We have selected an article written by on-chain data company Crypto APIs, and we can see how they evaluate this market.
Research by Gartner, a research institute, found that as blockchain and its applications in cryptocurrencies receive more and more attention, by 2030, blockchain will create a new business value of approximately US$3.1 trillion. The research also emphasizes that as more and more companies begin to explore more practical ways of using technology, 2023 will become a turning point in mainstream blockchain applications.
Because many companies face barriers to product development when expanding their businesses, it is crucial to have secure and powerful developer tools when applying blockchain and cryptocurrencies.
In this article, we discuss some of the major trends in the industry and introduce a software solution company that all players in the market can use.
1. Cryptocurrency Wallet
Due to the low correlation between cryptocurrencies and traditional assets, it has evolved into an excellent diversification tool and has become a popular investment option. In 2017, Morgan Stanley and other financial institutions listed Bitcoin and other cryptocurrencies as new investment categories.
Cryptocurrency companies have also responded to this new trend and quickly provided institutional assets and custody services, of which Coinbase is a typical example. In the recent market turmoil, the market value of Bitcoin has continued to soar, and as investors continue to be optimistic about this digital currency, this has aroused further interest from general consumers.
In order to meet the higher demand for cryptocurrencies in the market, participants of cryptocurrency wallets strive to differentiate themselves in the market in a variety of ways, including providing a wider variety of cryptocurrencies, higher security, and simplified operational procedures. The key product of Crypto APIs-”Blockchain API” solves these problems through an integrated approach. Last year, TechCrunch selected this product (unified infrastructure gateway) as the best choice for blockchain activities. “Blockchain API” is integrated with 9 blockchains and one of the few software solution providers that provide services to Singapore Zilliqa to meet the needs of the Asian market.
The use of Crypto APIs with wallet participants can speed up the progress of their product development and at the same time reduce operating costs. The team is currently supporting a Taiwanese startup, AuthenTrend. AuthenTrend is a leading cryptocurrency wallet provider, mainly providing fingerprint-enabled security validators for all participants in the cryptocurrency market. With the help of the blockchain API, the hardware wallet can conduct transactions to the public blockchain integrated under the product. Without such a solution, cryptocurrency wallet participants will need to spend a lot of investment to establish and operate nodes to communicate with the blockchain.
According to recent research by The Block, the annual cost of node infrastructure is between US$ 500,000 and US$ 2 million. This development process is slow and will constantly consume company resources, especially new companies. A powerful product, coupled with a secure infrastructure, can jointly ensure that consumers’ rights are protected.
2. Cryptocurrency exchanges
There are many cryptocurrency exchanges on the market, and consumers often cannot fully understand and choose the exchange that suits them. Most of them face a key issue: security. Therefore, consumers must understand the infrastructure that supports exchange functions and provide specific functions that put consumer interests first.
Crypto APIs cooperate with exchanges around the world (such as Swyft in Australia and CashFinex in Estonia) to support their daily operations. Their product helps generate deposit addresses (and supports IBAN in European countries) and maintains security by automatically transferring funds from hot wallets to cold wallets to ensure that consumer funds are immediately transferred back to transactions Place. This method can reduce the chance of hacking. The exchange can also choose to receive notifications related to the transfer of funds on the address through the Webhooks function, which helps mark abnormal transactions immediately.
3. Digital banks and emerging banks
Another important trend in the financial sector is that emerging banks to challenge traditional models. Although these emerging banks are no strangers to Western countries, they have only just begun to make their mark in the Asian economy in the past five years. Japan may be the first Asian leader to promulgate the legalization of cryptocurrency laws, but if we look closely at Hong Kong, we can also find that the activities there are booming.
Airstar Bank was established on March 30, and Mox Virtual Bank supported by Standard Chartered Bank was subsequently established. In addition, ZA BANK has recently begun its next phase of digital transformation: launching an insurance platform. Analysts expect that once the results of digital banking licenses are announced later this year, Singapore will usher in the same trend.
A study by Deloitte shows that the traditional use cases of blockchain technology in financial services include trade financing, consumer account opening, regulatory reporting, and cross-border payments, but companies are gradually beginning to explore use cases for income generation. A large part of this approach includes cryptocurrency trading services, as major financial giants are also facing pressure from interference caused by the emergence of new technologies. When they enter the cryptocurrency market, they will also seek software solutions that can simplify the creation of new consumer applications. Consumer applications include existing wallets, exchanges, or crypto payment platforms, but also expect new use cases such as crypto wealth management or private investment functions.
As governments in Asian countries strengthen the supervision of digital assets, and consumer confidence in the authorities’ intervention is gradually increasing, we can expect that the mainstream application process will be accelerated. When the market reaches this point, we will see a very interesting scenario where mature financial participants gradually begin to interact with the cryptocurrency market.
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