Blockchain and the Global Financial System
Chainlink co-founder Sergey Nazarov predicts a significant merger between blockchain and the traditional financial system in 2024.
On-Chain Assets Market
Nazarov estimates that the market for on-chain assets exceeds $100 trillion. He believes that assets such as stocks, bonds, real estate, and derivatives can be tokenized and moved onto blockchains.
Convergence of Systems
Nazarov envisions a future where all financial transactions occur on-chain. He predicts that 2024 will be the year when the global financial system begins to adopt blockchain-based settlement systems.
Tipping Point
Nazarov believes that the value of tokenized assets has surpassed that of decentralized finance (DeFi). He emphasizes that this trend includes private chains and bank-owned chains.
Benefits of On-Chain Transactions
Nazarov highlights the efficiency and speed of on-chain transactions. He predicts that processes that currently take months will be completed in minutes or seconds.
Institutional Adoption
Nazarov notes that major financial institutions are exploring ways to tokenize their assets. He believes that this year will mark a shift towards a merger between the crypto industry and the global financial system.
