A few years ago digital currencies might have been underestimated but today, they cannot be ignored altogether. They will dominate our future. But why?
What does (and must happen) for the blockchain to express its full value? We have chosen four rules:
- The urgent need to move from a focus on platforms, or a “proliferation of new blockchains” to a focus on applications, solutions based on existing and consolidated blockchains
- Entering the field in terms of capacity for innovation and amplification of the phenomenon of large digital players such as Facebook, Amazon, Alibaba and others
- A regulatory framework and standardization work that have progressed and allow companies and organizations to design and invest in the production chain with greater clarity, knowing in perspective that they can count on interconnection and interoperability
- The availability of key performance indicators, data and scenarios that allow you to better assess the benefits, risks and resources needed to prepare.
But what is the blockchain for? Payments and document management are the processes that get these projects going and another big area where blockchain solutions are sought is in supply chains.
Large platforms at work to improve performance
Costs, risks linked to interoperability, new complexities in the definition of common standards … the choice to create a new platform from a development perspective drains resources and risks weakening the real development potential of the chain production, but at the same time, some of the reasons that push the different players to develop new platforms compared to existing platforms (performance, management costs, integration difficulties) have advanced the world of the chain of production.
The Libra, a cryptocurrency by Facebook
The announcement by Facebook that with Libra, it aims to give life to a new global payment system, in terms of distribution with the most popular applications of the social network. A perspective that will make it possible to exchange the world through social network applications, or to manage payments with an approach that wants to innovate both in terms of payment tools and services, and in terms of valuable assets or money.
And one of the most “powerful” factors in this announcement is that it is offered as a project with global reach. It may not be a coincidence that the 28 companies that joined the Balance Association project (a group that has changed a bit over time) have placed great emphasis on the potential of the project to tackle and give an innovative solution to the problem of unbanked people, thanks to the ease of use (advertised), accessibility and the fact that it is proposed (with great ambition) as a true global currency.
Bitcoin as an open door
Bitcoin is an open door that paves the way for the presence of other cryptocurrencies within society. With improving security and distribution systems globally, the dominance of cryptocurrencies will likely be visible in a moment. Today alone, bitcoin is one of the most promising commodities besides foreign currencies. We noticed the bitcoin era app, a bitcoin trading app that is seeing a drastic jump in downloads day after day. This shows how much confidence in bitcoin and other cryptocurrencies is growing around the world.
Cryptocurrencies are likely to revolutionize the world of finance and it doesn’t stop there. With the belief factor in the form of difficult mining and acceptance by many parties, it seems that they are our future, the future of mankind.
Hopefully this article can open your eyes to how digital currency will become an important part of our lives, today and in the future. Thanks for reading!