Recently, BlockPublisher got in touch with Ruanne Lloyd, who is the Development Coordinator at one of the crypto projects floating around named Electra (ECA) to inquire about the project’s detail. Besides answering the questions regarding the project, Ruanne also shared her views regarding the world of blockchain and crypto overall. It’s better to get the perspective about this world from someone who is actually involved in its development.
In reply to the question regarding her views about blockchain technology, Ruanne stated:
Blockchain is the only answer to cut out the “corrupted middle man” from the financial world through a peer-to-peer transaction model that can be, when enabled, fully transparent for its users. As transparency is getting more and more focus after the economical crash 10 years ago, the time is there for blockchain to prove its worth and conquer the world. When we get to the stage when users do not even know they are using blockchain technology, then it will be a success. The technology gives the world a new way of moving data in a trusted way.
Ruanne pointed out blockchain’s importance in the elimination of middle-men from any framework. Through a decentralized peer-to-peer framework, the transparency that is obtained is unmatchable. Blockchain can prove to be extremely revolutionary in places where transparency is of ultimate importance, and what better industry to apply it to than finance.
Further talking about cryptos and the possibility of cryptos replacing fiat, Ruanne stated:
For the coming future blockchain/crypto’s need to focus on co-existing next to FIAT. If it will ever replace FIAT is hard to tell as the future is hard to predict.
Ruanne shared her opinion that the blockchain and crypto world needs to focus on the aspect of co-existing with fiat instead of replacing it. Fiat has its roots embedded in the modern financial framework for decades. Instead of replacing fiat, cryptos should act as an alternative to it. Mutual existence seems to be more beneficial for the growth of both the systems. This outcome is also suggested by a lot of experts of the game who believe that it will be very hard for the cryptos to completely overtake fiat and blended outcomes are most likely.
The prospects presented forward by blockchain and cryptos overall are unlimited, it just remains to be seen how much will they affect the traditional financial framework.