Although France seems to be divided on Bitcoin, blockchain technology remains a popular topic. During the Annual Meeting of the New Champions 2016, Luxembourg Minister of Finance Gramegna acknowledged the potential of Bitcoin technology. In fact, he feels confident this technology will revolutionize banking and financial services.
It is positive to see government officials acknowledge the power of blockchain technology. At the same time, it is important to remember they are not talking about Bitcoin technology itself. Instead, they see distributed ledger technology in a centralized form, which can be controlled at all times.
Luxembourg Minister of Finance Pierre Gramegna stated:
“Blockchain will revolutionize banking and financial services as we know it. I think it is possible that blockchain will replace the word ‘internet’. By the time our children have children, the only time they will see the word ‘internet’ is in science and history books.”
Blockchain Technology On Everyone’s Mind
Moreover, there is a growing focus on blockchain technology beyond the financial sector as well. It is evident for everyone to see this technology will disrupt finance as we know it. Cutting costs, allowing for real-time transactions, and providing global settlement are just a few of the possibilities waiting to be explored.