Blockchain And Crypto Will Revolutionize Global Financial System, Ripple’s Ethan Beard Says
The crypto industry saw massive progress and developments this year, and the primary goal of mainstream crypto adoption has been progressing a lot.
There have been made a lot of moves towards the achievement of this important target and things have been going in the right direction so far.
Blockchain and crypto will revolutionize the world
The head of Ripple’s investment and development arm, Xpring said he‘s expecting blockchain and crypto to radically transform the way in which money moves around the world.
During a new episode of The Ripple Drop, Ethan Beard said that within the next ten years, he believes cryptos will become an essential element in the movement of money domestic and across borders.
“I predict that over the next decade, we’re going to see blockchain and cryptocurrencies really replace the entire underpinnings and the infrastructure of the financial system. And the way money moves will touch a cryptocurrency somewhere in that stack,” Beard said.
Beard is in charge of Ripple’s multi-million dollar push to boost the development and adoption of XRP.
Modern financial structures don’t involve the actual movement of fiat money
He said he discovered the blockchain when he realized that most of the modern financial infrastructure relies on a system of IOUs instead of the actual movement of fiat money.
“My ‘ah-ha’ moment for blockchain and crypto really came as I started to dig into the world of payments. And I realized that the way digital payments work today is all of us are just passing around IOUs to everyone,” he said.
Beard continued and explained that every payment that someone makes, no matter whether it’s via PayPal or Venmo s just a bunch of IOUs being passed.
On the other hand, he said that blockchain and digital assets allow people to “actually send true value through the blockchain, and there’s no intermediary, no IOUs involved.”
The predictions for 2020 are also pretty optimistic, and the crypto industry is expecting that the New Year will bring a revolutionary way to pay for goods and services.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.