Blockchain technology is one of the most innovative and helpful technologies that has arisen in the last ten years. Even though it is only as old as the cryptocurrency industry it came with, it is clear that this technology has many ways to integrate into other markets. Ultimately, experts believe that these simple aspects of the industry are significant enough to make a big difference in the way the world market works as well.
On a segment with CNBC, CEO and founder of United Capital Joe Duran spoke about his positive outlook on the way that the technology could spread. He discussed how the less-savvy investors can see blockchain as being an immutable log of transactions that keeps everyone accountable.
Showing his confidence in the reach of blockchain, Duran added,
“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.”
Interestingly enough, anyone that has kept an eye on blockchain technology has probably already seen the impact it’s been making on other industries. IBM is easily the leader of this aggressive movement, recently launching their Food Trust project, giving every entity involved in perishable food items accountability. It tracks every product from the origin to the destination, along with the logistics that verify freshness. Some of the companies that have already signed on include Nestle, Kroger, Unilever, and Tyson Foods.
With all of these other uses for blockchain technology, Duran doesn’t believe that cryptocurrency will have the same success. The digital versions of fiat currencies from banks and financial institutions may be the future of these online assets, which means cryptocurrency would be unnecessary.
“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.”
Even with the new digital option, Duran doesn’t believe that it will be used for investment. Instead, it will act as a utility that can make purchases and pay bills. However, the big question will be whether citizens prefer decentralized digital currencies to the ones made from state-backed currency. Venezuela took an approach similar to this, though citizens ultimately have chosen to use private cryptocurrencies for their transactions, rather than the state-issued cryptocurrency.
The industry, in its present state, leaves much to be wondered about cryptocurrency. However, Duran has expressed how excited he is to see the blockchain technology industry unfold into it’s full potential.
On this note, he commented,
“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.”