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In the early hours of this new year, MIT added its voice to the roster of enthusiastic sources to support the idea that the blockchain is about to upset the financial world – in 2019.
Citing 2018 as a disappointing year for blockchain, Mike Orcutt writes about how the tide is finally starting to turn.
The article includes a number of key points. First of all, Orcutt emphasizes that traditional Wall Street players are involved. There is the "all in family" connection between the New York Stock Exchange and the Intercontinental Exchange (ICE), and then there is news that Fidelity Investments, with its subsidiary Fidelity Digital Assets, is getting seriously on taking operators closer to the doors of the cryptocurrency.
Orcutt also cites activities from major retailers.
"Walmart has been testing for years a private blockchain system as a food supply tracker," writes Orcutt. "He says he will start using the system next year and has instructed his suppliers of green leafy vegetables to join by September."
So Orcutt also talks about how smart contracts become increasingly sophisticated and apply to different types of legal and financial transactions.
"Smart contracts are pieces of code that make an agreement between two parties, such as a flight insurance policy that pays automatically if the flight is canceled," writes Orcutt. "In principle, they would eliminate the need for all kinds of expensive intermediaries.The idea has been around since the 1990s, … Now that technology is improving."
It is the third argument that is perhaps the most interesting – while Orcutt talks about the central bank's cryptocurrencies, with the example of the Venezuelan Petro, is actually creating a wildly controversial case of use.
"A digital form of banknotes guaranteed by governments?" Orcutt writes. "In many ways, it's the opposite of the revolution imagined by the pioneers of the original cryptocurrency, but the revolutions do not always explain the way revolutionaries had in mind."
Although it can be said that the cryptocurrencies issued by the central bank are harbingers of what will happen, others have said with much fanfare that many of these national cryptocurrencies were created to evade sanctions, or vulnerable to the use of money launderers, and that evil- the states that act will be those that adopt national currencies.
Perhaps the takeaway is that traders who can understand the nature of today's central bank cryptocurrencies will be in a better position to understand where the markets are going. However, the MIT piece is in general one of the most important topics that this year will be the year of the blockchain advocates.
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