Various experts in the financial market have different opinions regarding the nascent world of cryptocurrencies. While some believe that the prospects offered by them are innumerable and can surely help revamp the global financial framework, others are of the view that cryptos have a lot of limitations and shortcomings associated with them, and it is all just a bubble which will burst soon. But what do people who are actually involved the development and improvement of this world have to say about it?
In order to get a perspective from someone who is among the leaders of this nascent world, BlockPublisher got in touch with Ronny Yoo, the Chief Executive Officer of APIS. APIS is a blockchain-based project that wants to familiarize a normal crypto user with the benefits that are offered by masternodes in a blockchain network. Besides having the capabilities of a normal node, masternodes also enjoy extra rewards and benefits. APIS essentially wants to make access to masternodes easier for the people.
Talking to BlockPublisher regarding cryptos, Ronny stated:
Public Blockchain that is opened for everyone and cryptocurrency are inseparable. If you are to picture the future of cryptocurrency, you need to think of a future of Blockchain, which would coexist with cryptocurrency. Public interest in the blockchain stems from the surge in cryptographic currencies, but companies and countries are focusing on the possibility of further development of the blockchain beyond the industry to transform the social paradigm. Since Blockchain is virtually impossible to hack, industry groups that need reliability and transparency will be the first to adopt it.
The technology that makes up the core of cryptocurrencies is blockchain. It essentially provides a secure and transparent framework that is immutable, auditable and decentralized, making it much more difficult to hack. Ronny pointed out that industrial groups that want transparency in their frameworks are more likely to adopt blockchain first.
Finance is the sector that would be involved first because ‘security’ matters there. Also, the financial industry is an area where the blockchain technology and the transaction itself are made. Gartner, a global market research agency, even diagnosed that 80 percent of banks and insurance companies are likely to disappear by 2025. As Blockchain prospers with the financial industry, cryptocurrency would also share the path to the bright future.
Ronny seemed to be very positive regarding the prospects offered by cryptocurrencies. The financial industry is just one of the industries that can be completely revamped if cryptos are used properly. As of now, there are a lot of shortcomings that are associated with this world, but as soon as issues like volatility, manipulation, lack of regulations etc. are resolved, it can truly prove to be a revolutionary technology of the future.