Blockchain technology is changing the way in which enterprises, governments, and individuals. It is a revolutionizing technology that has the potential to re-shape many different industries. Moreover, Steve Chiavarone, VP at Federated Investors, said during an interview with CNBC that blockchain will ‘drive this next industrial revolution.’

Federated Investors Firm Supports Blockchain

Nowadays it is difficult to find an expert that is against blockchain technology. But instead it is getting very common to hear positive comments towards distributed ledger technology. When asked about blockchain as a driver of economic growth, Chiaravone explained:

“When you think about it from an enterprise perspective, it has the ability to replace reconciliation, which is expensive and requires back office, and time, and paperwork, with more instantaneous verification. Companies can have more efficient supply chains and can cut their back and middle office costs.”

At the same time, Mr. Chiaravone ranked blockchain as one of the key technologies that will drive the next industrial revolution.

But let’s go to the facts. Governments all around the world are embracing distributed ledger technology. But even more, some of the less developed countries are paying close attention to this technology.

Several African countries have been working with this technology so as to improve land controls, rattail security, and improving governmental efficiency.

Other enterprises like IBM, Maersk, Accenture, APL,, Ford, Audi, and many others, are using the technology to improve the products and services they release to the market.

As the cryptocurrency figure and investor John McAfee explained:

“In five years, there will be nothing that’s not on the blockchain. This is equivalent to when the internet first came out and companies started getting their own websites. People said, “This is a fad. It’ll never last.” Show me a single company today that doesn’t have a website. It’s going to be the same thing with cryptocurrency, but cryptocurrency, rather than enhancing existing business will totally transform them.”