As Crypto’s Bear Market Sets In, the Blockchain Industry is Being Streamlined

crypto bear market
Published on: July 22, 2022
Author: Philip Tai

The cryptocurrency sector has recently been rocked by dropping prices, crypto exchange layoffs, and bankruptcies, as well as many “crypto bros” seeking more profitable employment at their local fast food chains.  The recent downturn is not all doom and gloom, however, as the blockchain industry continues to progress despite turbulence in the cryptocurrency markets.

Matthew Hamilton, managing director at Summit Partners, a well-known $42 billion tech and healthcare private equity fund, was quoted as saying that crypto’s fall “is a necessary separation of the good ideas from the bad.”

What’s the Difference between Blockchain and Crypto?

Let’s start with a quick clarification that blockchain is not cryptocurrency.

Blockchain is the technology that enables the existence of cryptocurrency, but it also has numerous functions that can be used in the finance, healthcare, and government sectors, among others. A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Applications can include fund transfers, manufacturing chain of custody, voting, and many other use cases.

A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses a blockchain as well as encryption techniques to control the creation of monetary units and to verify the transfer of funds.  Bitcoin is the name of the best-known cryptocurrency, but we also have Ethereum, Cardano, and Tether, among others.  

It is worth noting that while many cryptocurrencies report having some future use-case that will provide some intrinsic value in the coin, a lot of these cryptocurrencies have been shown to be “vapourware”, in other words, their applications are merely conceptual. 

Blockchain Projects Moving Forward Despite Crypto’s Fall

Bloomberg News reported that the blockchain security firm Halborn raised $90 million recently during crypto’s dramatic bear market turn. Led by Summit Partners, the Miami-based company raised its Series A financing, which also included Castle Island Ventures, Digital Currency Group, and Brevan Howard. 

Founded in 2019, Halborn offers cybersecurity for blockchain organizations that continually assesses an organization’s vital assets. The company’s services include security advisory, advanced penetration testing, smart contract audits, DevOps, and automation.

“The price of crypto has nothing to do with our business,” Halborn Chief Executive Officer Rob Behnke said in an interview. “What really matters is that the entire industry is growing.”

Learn About Canada’s Blockchain Provider, Blockchain Foundry

As the global marketplace continues to accept blockchain, many organizations are scrambling to keep up with the new paradigm.  Governments, financial institutions, and other corporations are looking to develop their own blockchain functionality.

Blockchain Foundry Inc. (CSE:BCFN), provides products that enable businesses to rapidly realize the value of blockchain technology within their organization. Blockchain Foundry offers complimentary professional services to all of its products. BCF also provided consulting services to enterprise clients seeking to incorporate blockchain technology into their businesses.

Have a look at their recent corporate update to get a better picture of what they’re doing.

Disclaimer: NAI is being compensated for this content. Materials contained in this content are for information purposes only and is not intended to constitute an offering of securities in any jurisdiction. Nothing on this content should be construed as an offer, solicitation or recommendation to buy or sell products or securities.

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