There are all sorts of back and forth discussions on the validity of blockchain and how it may apply to the real world aside from payments.
But Joe Duran, founder and CEO of United Capital Financial Advisers, believes in the blockchain. “Blockchain itself is going to be part of every transaction that occurs in the world. It’s going to take a decade before it’s there,” Duran said in an interview with CNBC.
This claim is backed by a recent stat from a PricewaterhouseCoopers survey, which revealed that 84 percent of companies are “actively involved” in the decentralized technology. The survey polled 600 executives from 15 different territories. While a majority of investors may not participate directly in blockchain, it’s still going to affect how they go about financial movements.
Suggested Reading : Learn more about the Bitcoin blockchain.
Governmental Application
Interestingly, Duran believes that governments will be among the biggest adopters:
“There will be a U.S. dollar crypto; there will be a Chinese yuan crypto. 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.”
This statement is a tad ironic, as most enthusiasts appreciate blockchain’s ability to depart from governmental oversight. However, government involvement would be significant for mainstream adoption. Blockchain technology would allow entities to see where their money is going and ensure it isn’t being used for illegal activity.
Despite authority interest, Duran doesn’t think that crypto will become a traditional part of investments for the general public. Instead, the decentralized technology will be an underlying part of all financial transactions.
“With blockchain you can put in code that won’t allow the money to transfer unless there is an exchange of goods and services that’s approved on both sides,” says Duran. He then comments on the current use cases, such as lowered escrow costs and cheaper, more efficient international transfers. “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,” Duran muses.
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