Here’s the Path to ‘Hundreds of Trillions’ of Dollars for Blockchain Industry, According to Sergey Nazarov

Chainlink ( LINK ) creator Sergey Nazarov says that the blockchain industry could grow by hundreds of trillions of dollars due to one main catalyst.

In a new interview at the Hong Kong Fintech Week 2024 conference, Nazarov says that Chainlink has developed a way to connect payments giant SWIFT with blockchain technology, opening the door for massive traditional finance (TradFi) adoption.

“So the logical next step there is how do we get existing standards like SWIFT to be used for interactions with a blockchain. And that’s the body of work that we demonstrated in its pre-production form where we showed how it’s actually going to work in production. And how it would eventually be used in live trials and how it would be utilized by these big banks and institutions. So that was a really big event and a big milestone for us, because the next step beyond that will be live trials and usage and real adoption of that service. That’s what we’re hoping for and pushing for at this point.”

Nazarov says that Chainlink’s breakthrough could lead to a massive expansion of the blockchain market.

“If you can actually get even a very small percentage of those 11,000 banks and institutions to start interacting with blockchains in an efficient and secure way, the market size of the blockchain industry, whether it’s a public chain or a private chain, whether it’s an RWA (real-world asset) or a tokenized fund or a stablecoin, the market size really explodes from there. So it just kind of goes from a few trillion [dollars] to tens of trillions and it’s really the path to hundreds of trillions [of dollars].”

Chainlink is trading for $11.79 at time of writing, up 5.6% in the last 24 hours.

Generated Image: Midjourney