With Bitcoin and other cryptocurrencies gaining popularity and challenging the traditional financial and investment world, blockchain has taken center stage and become the word of progress. Though blockchain is central for its role in facilitating the rise of digital currencies, there are many other non-crypto-currency uses for this technology. Boost X Ventures’ cofounder Jon Lee believes the technology could outpace cryptocurrencies themselves in terms of its overall impact, touching human lives in myriad ways.
In expanding the metaverse to reality, blockchain is at the driver’s seat pushing new frontiers of innovation. We will see the first significant revamp in the banking and finance sector. With digitized tamper-proof distributed ledgers shared across several nodes in the blockchain network, the core services like payments, clearance, and settlement systems will be efficient in terms of accuracy and speed. “This is going to disrupt the $5 trillion banking industry by disintermediating and substituting the key services. And the impact is already visible as blockchain redesigns cross-border payments with an instant settlement,” explains Jon. Its far-reaching applications across many industries and business ecosystems ranging from infrastructure to governance are already underway.
As per Jon, “Every passing day, entrepreneurs, innovators, and organizations are learning to leverage blockchain in solving crucial stumbles and bottlenecks in a diverse arena of human occupation. Companies and governments will see blockchain as a facilitator to drive greater transparency and integrity across the digital information ecosystem.” In the internet age, diligent users and organizations are always wary of digital identity and private information theft. Blockchain has demonstrated capability in identity management. The smart contract is another exciting innovation that not only automates agreement facilitation to execution but also reduces cost and human error. “From making loans and credit cheaper to automated stock trading to easy accounting on data layers to manufacturing to healthcare to crowdfunding and charity to games, blockchain holds the immense possibility to steer innovation,” says Jon.
“This is the first time in history that allows Decentralization; this experimental self-governing economy creates freedom,” quips Jon. “Through this machine, it creates art, creativity, and innovation. How can it do that? It’s done through freedom because when you give people freedom and let them do whatever they want, they actually find ways to succeed, grow, and thrive,” he adds.
Jon Lee rightfully concludes that identifying problems and seeking a solution is the focus of human endeavor, and blockchain will be the endless innovation machine facilitating the change that will shape human societies of the future.
Disclaimer: This is a company release. No HT journalist is involved in creation of this content.
