Is crypto dead? That impression might be created by recent market declines in all things Bitcoin. In the meantime, the previous month saw Google Cloud collaborate with Binance, a cryptocurrency exchange that has run into legal issues in several different countries, on a smart contract blockchain service.

Perhaps not a surprise, Binance is barely mentioned in the statement and the whole focus is on the redesigned BNB Chain. But according to a Deloitte report from June, which surveyed 2,000 retail executives, 85 percent of them want to be able to accept bitcoin payments. While 83 percent of respondents think that cryptocurrency will become legal cash within the next 10 years

In more recent news, the first stablecoin backed by the pound was created in the UK with KPMG serving as auditor, effectively giving cryptocurrencies the seal of corporate legitimacy. But when one regards cryptocurrencies as the initial wave of something new on the horizon, whether it survives or disappears into the ether may be a moot question. This emerging technology is known as Web3 or Web 3.0 in some circles.

Web3 is being hailed as the next generation of the internet, a decentralized version of the existing internet using distributed ledger technology (DLT) as its foundation. Cryptocurrencies, blockchain, self-sovereign identities (SSI), and decentralized finance are all products of DLT (DeFi)

The last item on that list might either provide an impending existential threat to today’s financial institutions or present an opportunity for reinvention for today’s more agile bodies.

Shane Rodgers, a seasoned investment banker and the CEO of the payments and digital banking platform PDX Global, describes to ERP Today that technology has made substantial inroads into the financial sector.

Corporate CFOs are now using payment platforms that make use of the architecture because they want to save costs by expediting conventional digital payments and getting rid of fees that usually go to middlemen, he says. The present supply chain crisis has found usage for blockchain outside of banking.

he supply chain and operations head for Accenture UK, Stephane Crosnier, uses the example of a major global energy company seeking to create a more interconnected supply chain throughout its ecosystem and the implications for financial structures.