Only a few people became Bitcoin billionaires, but this technology is likely to become part of the world’s major investment projects over the next decade. Or at least that is how United Capital’s founder and CEO, Joe Duran, thinks about the increasingly popular blockchain industry, which lies at the heart of the cryptocurrencies.
The blockchain plays the role of an open register with a decentralized input of many participants, tracking every transaction of certain cryptocurrency. Each change in this register reflects all participants.
Joe Duran compares technology with the digital version of the diaries used in libraries where everyone can see who has taken a book and who returns it.
“The blockchain is becoming part of every transaction that takes place in the world”, said Joe Duran, adding: “Perhaps for decades, technology will be present everywhere in the digital space”.
A survey by British PricewaterhouseCoopers shows that 84% of the surveyed executives of various companies admit that they are involved to some extent with a blockchain. The survey covers 600 companies from 15 countries.
Most investors do not necessarily invest directly in the blockchain technology, but they will probably rely on it as an active part of future financial transactions.
“The digital currency is the money of the future – there is no doubt about it”, said Joe Duran.
One of the opportunities that can be seen in this case is for governments to start using the blockchain as a way to track the use of the national currency.
“There will be a corresponding cryptocurrency to the US dollar as well as the Chinese yuan”, said Joe Duran. “It will be as it is today, but in a digital version that will give governments an opportunity to track where all the money are going”, added he.
According to the United Capital’s founder and CEO, the blockchain technology will become an integral part of ensuring secure financial transactions.
“With this technology, consumers will be able to enter codes that will not allow their money to be transferred unless there is a two-way verification of goods and services available”, said Joe Duran. According to him, it is still not possible to determine the scale that the blockchain will expand after a few years. This technology will most likely acquire the role currently played by the Internet.