The revolution in finance has long been coming to a head. It has already been a couple of years how finance has achieved a new verge in democratization, enabling anyone to make commission-free stock purchases through FinTech platforms like Robinhood and Revolut. Their novel, simplified approach has opened a door to liquidity flow, finally giving the reins of power back in the hands of consumers and away from the greedy financial institutions. Nowadays anyone, as long as they have internet access, can manage a personal financial portfolio while sitting on public transport or lining up for a snack. This trend of liberation in finance is set to a robust growth, with a wide promise of FinTech reaching $26.5 trillion by 2022.
However, as there’s no white without the black, this tendency has its downsides, too. The democratization in finance can lead to unpleasant consequences – let’s remember the latest loud case of GameStop (NYSE:GME), the one that will force regulators to revise their approach to democratized finance. Another drawback is that the free trading actually comes at an implicit cost not all consumers are well-aware of. The new wave of free-trading platforms makes use of a generous supply of user data that, in most scenarios, is further marketed to intermediary buyers – that taking place even in the aftermath of the Cambridge Analytica scandal and the consequently levied GDPR regulation. The harsh reality is, we are still living in a world where the data serves as the most precious currency. The only solution to this problem is to confiscate the data ownership from centralized institutions all at once and place it in the hands of consumers to whom it rightfully belongs.
That’s what decentralized finance (DeFi) aimed for from the very first days. Spurred by the fear of covid-19, DeFi has rapidly reached the $40.05 billion value, fast-forward from $1.1 billion just one year ago. What it shows, more consumers and entrepreneurs actually started seeing blockchain as a value-driver, and decentralized token model as a viable alternative to current fundraising schemes. And not without good reason – the global economy will never, perhaps, look the same way again, while the industry practitioners are unanimously pointing to the fundamental change that has arrived with covid-19, and will stay long after the threat has gone. Right now, DeFi, not without the help of blockchain, is leading the transformation race into decentralized and more secure space – all by taking away the power control from businesses and making ‘people first’ as the core principle of the new era. Taking rapid steps towards progress – also with the development of such technologies as AI and Big Data – blockchain stands in one line with the frontrunners of the real revolution not only on Wall Street but in all spheres of social life altogether.
On this wave of change, Opacity emerged as a secure, fully user-administered platform that gives control over data back in the hands of people. Being able to store data on a decentralized cloud, now any organization can be left assured that the information is not concentrated in the hands of one provider, but evenly spread among the whole vast network of users. This scalability enables freedom of choice but also protects from malicious practices such as data phishing, extortion, and ultimately data selling to the external parties.
Esther Katz, savvy tech professional that recently took over marketing and strategy at Opacity, agreed to share her opinion on questions that are so troubling in the eyes of many: what will be the next stage in the global economy, how blockchain, as well as other tech trends, can help to get out of the slump caused by covid-19, and what would be the key strategies for surviving in the volatile environment throughout upcoming years.
Esther, I give you a word. Could you share with our readers what on this, present stage are the most fundamental challenges with making blockchain a part of our everyday life?Bitcoin
I noticed that lots of effort globally were directed at saving the poorer classes, for whom the pandemic proved to carry the most destructive effect. What role can blockchain play in bailing out the least fortunate?
What are the main economic challenges you expect to come in 2021? Which swing, do you think, will the economy take – upwards or down-bent?
Being an entrepreneur in the year 2021, in a post-covid environment, must not be easy. What obstacles do you find as the most deterring on your way, and what opportunities would help you to get over them?
In your opinion, what would be most essential for a new business to withstand these tough times? What should the leaders be focused on in the first place, and what are the crucial success factors in the covid-19 environment?
Having in mind your position as a marketing lead, could you please tell us about the most challenging part of your job? What strategies could be used for a new platform to get rooted in the minds of the public, and how much time would it take an image creation and reputation facilitation of a completely new product?
As a part of the Opacity project, what is the next milestone on your way? How could your platform prompt up the global use of blockchain within the business?
What are the main trends in the current market of data-led solutions, and how can new inventions – Big Data, AI, Machine Learning - help to enhance them? Will Opacity ever set a course on them, too?
Talking about Opacity, what would help your platform to get a verge over the existing non-blockchain solutions, and how long will it take to convince customers of blockchain superiority for their business?
Looking at the dynamics of OPCT, your native token, I was astonished to find out that it has displayed a mind-blowing change of more than 500% within the last month. What was the underlying cause behind this sharp gain in value? How far do you expect your token price to go, and what factors could be crucial to sustaining it?