Will Blockchain Replace Gold?
By Nikolay Peshev on ALTCOIN MAGAZINE
More and more companies are using blockchain technology in their operations, and we may soon see more positive effects for end-users. This was made clear during the Blockchain and Cryptocurrencies panel, which was also the latest in the Investor Finance Forum.
According to panelists, blockchain allows us to not only trust one institution but to be responsible for our own finances, but many people are interested in how to make money now and how to use technology in everyday life.
Blockchain is a kind of accounting book that records the very values of cryptocurrencies. Currently, we are beginning to see the centralized use of blockchain between only two countries, the participants indicated.
How does the average person handle cryptocurrencies? Blockchain is still a very slow technology when used for transactions. Cryptocurrency can be seen as a file that can be transferred from one counterparty to another with the guarantee that it will not be copied. The difference with fintech portfolios is that the amounts we see written in one fintech application are owned by some intermediary, who provide access while there is no intermediary in cryptocurrencies.
More and more banks and other institutions are beginning to take an interest in blockchain and cryptocurrencies. Even the idea of central banks starting to put such technologies into practice is being discussed. We have yet to see if a new crypto project or a centralized payment system will be created again.
Regarding anti-money laundering regulations, Nikolay Todorov, founder and CEO of LimeChain, noted that this is one of the surest ways to track the source of money, with researchers even claiming that after four transactions, security to confirm which crypto address to whom it belongs. But the system is still in its infancy, and Vladislav Dramaliev, director and founder of the Bithope Foundation, predicts that, due to the high interest from any institution, users will use applications for up to 10 years that they won’t even know are decentralized.
Asked by the audience whether blockchain could replace traditional anchors as gold, participants in the discussion said that it is more likely that these instruments will continue to exist together because of various investor interests.
