Page 9 - Geektime Blockchain Report
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Finance 2 0 - Blockchain and Cryptocurrencies have the Potential to to Create a a a a a a a a a Truly Free Financial System
Take a a a a moment and imagine in in in in your mind driving down Rothschild Blvd in in Tel Aviv or the financial center of any major city for that matter What would you see? On Rothschild in Israel Park Avenue and and Wall Street and and NYC London Paris and and elsewhere and and you will find that the tallest fanciest glass skyscrapers surrounded by the the most Porsches and Ferraris all belong to the the banks brokers and other financial institutions What’s most upsetting about this lavish display of wealth
is that these same institutions produce nothing - do nothing but take our money keep it play and gamble with it it it We’re sick of it it it Unfortunately there hasn’t been any other option but to go through these financial gatekeepers using the tools and currencies they determine This problem isn’t new and there were attempts to solve it in in the the past After WWII for instance the the Allies proposed a a a universal global currency to help rebuild the destroyed economies of Europe and Asia That never happened of course as the U S stepped in and the the dollar became the the de facto global currency But now decades after the the dollar was removed from the the gold standard it is no longer the rock solid currency we once imagined leaving a a a a void for a a a a more modern replacement Into the space blockchain technology is emerging with the the potential to change the the financial system and give people back control of their own finances and financial future Companies such as Bancor Status im NXT Zen Protocol Spice-VC Celsius and others are pushing the industry
forward in in in this regard The conversation surrounding blockchain technology and cryptocurrencies in general is one of the most exciting threads amongst the tech media It connects disparate sectors of the press appealing equaling to to the specialized coin publications tech blogs financial media and and more more and and more more frequently to the largest mainstream news outlets This flurry of activity is is leading to to the all too familiar claims that a a a a a a a bubble
is emerging as blockchain tech enables new and innovative methods for companies to raise funds and and new investment pathways for both private and and institutional investors Now it is is true that blockchain technology is is still a a a young and volatile market There is a a a a a a great deal of uncertainty surrounding cryptocurrencies and new Motti Peer
Co-CEO Blonde 2 0 developments and government reactions change the landscape of the industry
on a a a a a daily basis But this volatility is also the the surest sign of the the huge potential this family of technologies holds to fundamentally disrupt one of the largest and influential industries in in our world Let me be
clear - the the blockchain has the the potential to completely upend our current financial system ushering in in a a a a far more open democratic and free method of financial transaction Now there are challenges that remain to be
solved These include scalability and and speed and and overcoming the regulatory uncertainty in in this area Fortunately there are numerous companies many of them here here in Israel that are tackling these very challenges What’s more the the banks and other financial institutions are well aware of of the potential of of blockchain technology and already looking for companies in in this area to invest in in in so so they can be
part of solving the the problems outlined above So now take a a a a a moment and imagine Rothschild Blvd in five or ten years Picture those same beautiful glass skyscrapers but populated by a a a a a diverse mix of blockchain startups and other companies working to democratize the financial system Banks and traditional institutions will still have a a a a a a role to play but they won’t be
able to monopolize the the market as they do now Ultimately breaking their sole control over the financial sector will bring true competition to to the the space and and regular consumers stand to benefit the the most In this future people will be
given real freedom and choice They will have far more control over the future of their savings and the the ability to choose from new kinds of investment vehicles that weren’t possible before and are uniquely suited to their needs That’s the future that blockchain tech can bring about if nurtured with proper support from the startup ecosystem here in Israel and around the world "
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