According to Vitalik Buterin, co-founder of Ethereum, claims that the blockchain technology is going to oust conventional financial companies like VISA from the market or at least take most of their market share in the near future. The co-founder of Ethereum, which is one of the most popular cryptocurrencies to date, told that during the Q&A for TechCrunch, Market Leader reports.
According to him, at some point in the near future cryptocurrencies are going to reach the ultimate level of security, and this is going to be a game changer. This is when the entire global financial market is going to change for ever.
For now, most of the blockchain-based apps are not developed and technically mature enough, and this the key thing that prevents digital currencies from spreading even faster all over the world. According to him, engineers will need a couple of years to overcome those challenges and let cryptocurrencies make rival to conventional financial assets.
Essentially, the so-called blockchain technology is all about distributing resources. Big databases are public and decentralized. For example, when it comes to Bitcoin, which is the world’s first, biggest and expensive cryptocurrency, transactions are verified by miners. Those are the guys who make sure that the transactions are not fake, and they create chains of those transactions. Deleting or changing those blockchains is impossible even in theory.
It’s also interesting to note that the top managers of major financial institutions are amazed and afraid of the blockchain technology at the same time.
