The ever-compelling story of blockchain continues to be written in real time. Through every up and down in the crypto market, however, supporters’ faith in the emerging technology as a powerful instrument for social good and financial system disruption does not falter. Crain’s Content Studio recently convened a breakfast panel of crypto industry leaders to discuss the next chapter of this potentially groundbreaking technology, specifically focusing on the role New York could play in the future. One of the panelists, Chen Zur, EY Americas Digital, Emerging Technologies & Blockchain Leader, sat down with us individually to add context and color to the thoughts he brought to the gathering.
CRAIN’S: What can New York institutions gain from the crypto sector’s growth in the region?
CHEN ZUR: Cryptocurrency is just the first step for blockchain technology; at its core, blockchain allows us to manage our digital identity, our ability to own digital assets and exchange value between us. Blockchain, along with advances in technologies such as AR and VR, is an integral part of Web3 – the next evolutionary step of the internet (the metaverse). Web3 and blockchain are an inevitable future, and the changes they bring bring opportunities for New York. When businesses bring their brands to Web3, they will be able to accept payments through new methods, create new ways to maintain customer loyalty, and monetize new experiences.
CRAIN’S: From a consumer perspective, how are blockchain-based solutions poised to change financial services?
ZUR: Today’s monetary system uses intermediaries, such as banks and payment apps, to exchange value – debiting one person’s account while crediting another’s. In the same way, our individual digital identities are managed through intermediaries, such as social networks. With Web3, the internet itself, via blockchain ledgers and protocols, will both ensure the exchange of value and verify digital identities. Consumers will own their assets and be able to exchange value without relying on an intermediary. And everything will happen instantly, around the clock and around the world. These characteristics have consequences for activities such as interest-invoicing deposits, currency exchange and secured lending. Consider the painful 60-day mortgage process. Ten years from now it will be closer to seamless.
