According to tech evangelists Don and Alex Tapscott, blockchain technology will prove to be the most disruptive technology of the next decade.
“We now have a valuable Internet that gives us another opportunity to rewrite the economic power grid and the old social order,” said Don Tapscott.
However, Tapscott Sr. emphasizes that it will take a while to transform established multi-trillion dollar industries like the supply chain and financial transactions industries.
Even so, Alex Tapscott pointed out that successful blockchain use cases are already growing in importance. For example, he mentioned that stablecoins are already having a significant impact on money transfers and cross-border transactions.
“The flows between different countries, especially in the global south, have increased dramatically,” he stressed.
The decentralized exchanges have seen impressive growth in recent months, Tapscott said. Tapscott predicts that traditional assets will gradually migrate to these types of exchanges, eliminating cumbersome middlemen.
Although much of the ICO boom was marked by questionable projects, Tapscott still identified this fundraising model as one of the most successful implementations of blockchain.
“It doesn’t matter where in the world you are (…) If you have a compelling idea, you can tap into a global pool of capital and run a business.”
Ultimately, according to Tapscott, central banks will have to use blockchain to build their digital currencies for central banks to compete with Bitcoin or corporate-made assets like Libra.
In particular, blockchain technology could offer the level of privacy that CBDCs need to replace cash.
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