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The blockchain revolution is here, say Alex and Don Tapscott

October 28, 2020

According to tech evangelists Don and Alex Tapscott Blockchain technology will prove to be the most disruptive technology of the next decade.

“We now have a valuable Internet that gives us yet another opportunity to rewrite the economic network and the old social order,” said Don Tapscott.

However, Tapscott emphasizes this It will take time to transform established multi-trillion dollar industrieslike the supply chain and the area of ​​financial transactions.

The blockchain revolution is here, say Alex and Don Tapscott
The blockchain revolution is here, say Alex and Don Tapscott

Still, Alex Tapscott found that successful blockchain use cases are already gaining traction. For example, He mentioned that stable coins are already having a significant impact on remittances and cross-border transactions.

“The flows between different countries, especially in the global south, have increased dramatically,” he noted.

Decentralized exchanges have shown impressive growth in the past few months, Tapscott said. Tapscott predicts that traditional assets will gradually migrate to these type of exchanges, eliminating cumbersome middlemen.

Although much of the ICO boom has been affected by questionable projects, Tapscott continued to identify this fundraising model as one of the most successful blockchain implementations.

“It doesn’t matter what part of the world you are in (…) When you have a compelling idea, you can tap a global pool of capital and run a business. “According to Tapscott, central banks will ultimately have to use blockchain to build their central banks’ digital currencies if they want to compete with Bitcoin or corporate assets like Libra.

In particular, blockchain technology could offer the level of privacy that CBDCs need to replace cash.

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