Business & Finance

Why Bitcoin Blockchain Has a Great Future – According to Co-founder, Vault Logic

Vault Logic is revolutionizing ATMs by combining multiple cash based services. Vault Logic’s smart ATMs are going to be really helpful for the unbanked and the under banked, first in the U.S. and later to the rest of the world. Designed for people who are on the cash system but they don’t trust banks, the idea is to help them pay their bills top up cell phones in minutes. Vault Logic ATM is not a regular bitcoin ATM but rather a multi-use kiosk, that allows third party money service businesses to build apps. The third party money service businesses are the ones who are required to get their permissions to operate their apps on Vault Logic’s platform. Currently installed in 8 different locations in the United States, Vault Logic expects to expand their ATM network to 500 in 2019 within the U.S.

Douglas Scribner, the co-founder of Vault Logic, talked to BlockPublisher and he discussed why U.S needs to regulate cryptocurrecy, he stated;

“There is already bitcoin approval, the SEC is already waiting on that. Bitcoin or Ethereum and any of their forks are completely considered to be non securities. The ICO craze of 2018 in the U.S. I think is over and that is why we have chosen to go down the STO route. We purposely chose the security token route so that we remain compliance to the SEC rules and regulations. They have got to caught up with the rest of the business but we hope to help them along. As this industry grows it is not going to go away and the U.S. can either benefit from this or they can watch the concept of jurisdictional arbitrage to happen, as all the big businesses and major developers and innovators in this space go away to other countries that are more friendly and understand the revolution that has been started with bitcoin”.

Doughas also talked about, why there is a need to innovate blockchain and said;

“Blockchain technology is useless without a cryptocurrency, securing it and giving it value, so blockchain technology is just a data base. I am a mini maximalist in this regard here and I think that bitcoin is probably the best blockchain out there. I think the bitcoin blockchain has a great future ahead of it especially with the side chains coming up like Rootstock, which will allow smart contracts just like Ethereum blockchain. I think some of the innovations that are happening on these alt coins can be eventually ported over to bitcoin if they are valuable. I think blockchain technology will continue to expand and grow but we have to realize that blockchain is a really slow database that isn’t very effective unless you really want security and immutability so you’re giving up speed and convenience for security and immutability, so that is an important thing to consider when we talk about blockchain”.

Blockchain plays a vital role in any framework where privacy and trust is of utmost importance. Whether it is a voting system, medical records, insurance policies, logistics, betting or building a content ecosystem, it is vital to cut-out the centralized authority to ensure a trust less peer-to-peer system. The blockchain revolution is real and soon it will prevail in every vertical we can think of.

SEE ALSO: Blockchain Last Week, from Encyclopedia to becoming ‘The Thing’

Tags

Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain. Email: hassaan@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.