After 10 years from now-While speaking to CNBC, Joe Duran, the founder, and CEO of United Capital (the first and largest Financial Life Management firm) expressed his belief about the impact of the emerging technology:
“Blockchain itself is going to be part of every transaction that occurs in the world,”
Duran compared Blockchain technology to an open ledger in a library which keeps track of everyone. Where we can see who borrowed a book and who returned it.
The blockchain is a burgeoning technology having been accepted into many broad spectrums of the market. And is being led by IBM which is an American Multinational Information Technology company.
IBM’s Blockchain solution
IBM is using blockchain technology for its Food Trust product, which will allow accountability in supply chain management by connecting retailers, wholesalers, distributors, processors and growers in a common record of food system data to prevent perishability of food items in order to improve its operations and provide better quality-control of these items.
Companies like Nestle, Kroger, Unilever, and Tyson foods are signed in to use blockchain product technology.
Duran’s thoughts on the future of Cryptocurrency
After 10 years from now-Besides being confident about blockchain technology, Duran also expressed his thoughts about the future of digital currency while speaking to CNBC: “Digital currency is the future of money — there is no doubt about it.”
Although Duran was optimistic about the future of digital currency, he remained unsure about the state of cryptocurrencies as we are seeing them today. He does, however, believe that sometime in the future countries will offer an exclusive digital version of their Fiat currency.
Is a Country’s digital version of Cryptocurrency a solution?
After 10 years from now-The main question surrounding Duran’s idea above is whether the citizens of the country would prefer the country’s digital Fiat currency or not?
To explain this, an example of Petro (Venezuela’s Cryptocurrency) can be used as an example. The Petro is backed by the country’s oil resources. Yet citizens are turning towards private currency like Bitcoin. Others for day to day transactions rather than the government issued cryptocurrency.
Duran’s excitement over Blockchain Technology
“It’s unimaginable just how broad the impact is going to be to our lives. But there is no doubt in my mind that 10 years from now. Blockchain will be as big as the internet is in our lives.”
According to Duran, blockchain will impact every transaction of the world as the government’s show increasing confidence in it. Due to the monitoring capability of tax funds received and their desire to know whether they are spending it lawfully or not-
“It will just be exactly what we know today, but in a digital version that gives governments the ability to oversee where the money is going.”
Over 84 percent of the executives polled revealed that their companies are actively involved with the blockchain technology.
As per the linked survey from PricewaterhouseCoopers.