Blockchain News Cryptocurrency News Latest News

WHAT CRYPTO AND BLOCKCHAIN TECH BRING TO THE GLOBAL ECONOMY

by Kate Goldfinch, Editor of The Fintech Times

BENEFITS

• Low transaction fees, fast worldwide transfers, financial transparency, high level of security, and no borders – are the bene ts of crypto and blockchain world.

• The main bene t will be disintermediation; eliminating middlemen, and bringing permissionless financial infrastructure to every corner of the earth.

• It’s an opportunity for everyone to participate democratising wealth and access to resources.

• Blockchain and distributed ledger technology promise that individuals will take control of their personal information.

• Companies can become less reliant on centralised systems that are prone to concentrated cyber attacks.

THREATS

• Without government support,
some of the blockchain technology infrastructures and applications can be blocked from happening.

• Anonymous and decentralised applications might be misused by terrorists, black markets and dark web.

• ICO project scams bring disastrous e orts to some people supporting blockchain developments.

• High volatility makes cryptocurrencies a poor choice for regular commerce and business transactions

• The slow processing times and significant use of resources for mining, are hampering widespread adoption.

• The issues with hackers breaking into exchanges make the crypto-economy an uncertain place for individuals or organizations.

+\-

Peer-to-peer transactions and the challenge of tracking the ow of money will be both a threat and a bene t, arising from the greater potential for money-laundering but countered by the opportunities available from anonymity and AI-powered robo-trading.

Image by Tayloright 

Please follow and like us:
error

Related posts

Distributed Lab Releases An Anti-Corruption Solution To Increase Business Transparency

thefintechtimes

Research Reveals 87% of Technology Professionals Believe “blockchain will be as transformative for business as the internet has been”

thefintechtimes

Walmart Looking to Patent its Own Cryptocurrency

The Fintech Times
error

Enjoy this blog? Please spread the word :)