The word blockchain in a conversation these days means involving one of the appealing topics in the news, such as cryptocurrencies, web3 as an enormous update from web2 with the concept of people connecting more, and metaverse (a concept created by Meta to enhance social networking experience)..
With this new trend, technology is believed to develop to next-gen, these technology trends will be the main technology discussions. Blockchains have created new investing assets and enriched portfolios for crypto and NFTs (non-fungible tokens) investors. And the world will see a series of innovations and creations built on completely fantastic concepts such as MetaFi and web3 (https://ethereum.org/en/web3/).
Blockchain is only a real power if it is applied deeply in more realistic conventional fields, according to Jearon Wong, CEO of BIB Exchange. BIB Exchange (https://bibvip.com) is a crypto exchange platform that not only offers traders and investors to buy and hold cryptocurrencies but also develops an exclusive ecosystem with $BIB token as the main currency, creating NFT and DEX.
It is uncommon for a blockchain startup to cover many fields in blockchain, they would rather focus on one part than cover a wider range. BIB Exchange is one of the rare projects that is developing to complete its ecosystem in the near future.
“We can see that the strength of blockchain is transparency. And in ordinary life, there are many industries that need more transparent info, like the logistics and supply chain industry. It is hard to know the meat you bought is from what country. Are you paying the Kobe beef price for just normal beef from Korea? And what happened to the products from the beginning to end consumers.”
Blockchain enables similar services for environmental and social impacts, offering a blockchain application that helps track carbon footprints and offsets throughout a value or supply chain.
Future applications of blockchain in crypto
It is known that cryptocurrencies are an important innovation of blockchain technology.
“They’re amazing,” he said. “One slightly cynical way to look at it, though, is that if you remove regulation as a barrier, even for a few years, and allow programmable financial services, you end up seeing a lot of rapid innovation – some of it unsavory, some of it fascinating.”
“This is a fantastic discovery of the human race. It will be faster for a lot of innovations when the regulation barrier is temporarily removed, enabling algorithmic financial services, some will end soon, some will survive and thrive”
NFTs, though not precisely an asset class, are another useful blockchain innovation, as they may allow for new business models involving artists, creators and publishers.
Eventually, much of the world’s wealth will reside on, or be tracked by, blockchains, but one of the first areas to be impacted will be real property.
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“Most of that wealth will be land, land titles and real property,” he said. “If you think about the experience of purchasing and owning a home, the way we manage those records on a municipal and state level is archaic. There’s a sense of urgency to apply a more transparent, real-time system to these assets, and blockchain solves a lot of those problems.”
Blockchain also creates a useful settlement layer on which to trade traditional assets more efficiently. While publicly traded stocks and some bonds are already easily and efficiently traded, other assets such as private securities and other forms of debt are often traded in opaque and inefficient manners.
Furthermore, the process to invest in private funds and securities is often time and resource-consuming, a process blockchains can help facilitate via automation.
“Right now, public markets work pretty well. In the long term, blockchain will be applied to them. But in the nearer term, there are certain niches where there isn’t good market infrastructure, and that’s where the technology will take hold first”.
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