Investorideas.com

Call 800 665 0411 to learn about our services for your stock

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS




Share on StockTwits

Blockchain will make global payments system faster, cheaper, greener and safer

 

February 1, 2022 (Investorideas.com Newswire) Blockchain is set to irreversibly shake up the global payments system - for the better, predicts the CEO of a global financial giant.

The prediction by Nigel Green of deVere Group, one of the world's largest financial advisory, asset management and fintech organisations, comes amid growing adoption of cryptocurrencies like Bitcoin, and a flurry of global financial innovation as central banks around the world push to develop their own digital currencies (CBDCs).

The U.S. Federal Reserve, the world's most influential central bank, has for the first time launched an in-depth discussion paper that will act as the basis of what will be a consequential debate about introducing a digital dollar.

But the U.S. is lagging behind economic rival China, which is already piloting a digital renminbi. The European Central Bank has also made significant progress in the move towards a digital euro, the Bank of England has invited comments on a recent discussion paper, Sweden has finalized a technical pilot, and ahead of the pack, last April, the Bahamas introduced the world's first CBDC.

Nigel Green says: "Bitcoin and other cryptocurrencies are reaching the point of critical mass, the moment at which a new way of doing things crosses a threshold and takes hold.

"Most governments around the world have already realized that digital is the inevitable future of money.

"The move towards digital transactions had been taking place for years but has been accelerated since the start of the pandemic.

"For this reason, and because the likes of Bitcoin are out of their control, they're in a race to launch digital currencies of their own, fully aware that digital currencies in our digital era simply make sense."

He continues: "Clearly, there's growing demand for digital assets from governments and their agencies, businesses, and institutional and retail investors.

"But, besides the existing demand, what will really drive the rise and rise of digital payments will be harnessing the power of blockchain - or distributed ledger technology - which will fuel it moving forwards.

"Recent research being carried out by the Bank of Estonia, amongst others, shows that ongoing developments of the already pioneering blockchain technology will empower a payment system that's more powerful and faster than the card payment and instant payment systems currently used globally today.

"In addition, it was found that payments made with this tech used less energy than credit card payments by a factor of 1,400."

Blockchain also provides major opportunities for cost-cutting and for enhanced security too - both for financial institutions and users.

"Major financial institutions, such as banks, could slash perhaps tens of billions of dollars each year using distributed ledger technology by decommissioning legacy systems and reducing operating costs," says Nigel Green.

"For consumers, high global remittance costs (on average 6.3%, according to the World Bank) that exist because of complexities involved in routing and central intermediaries will be all but eliminated."

On top of all this, arguably, the strongest advantage that blockchain offers institutions and consumers is against theft and fraud.

"The ability to track funds on a tamper-proof ledger is a powerful preventative security measure."

Blockchain is still an emerging technology, and there are outstanding areas that need to be addressed, says the deVere boss, and it may take "five to 10 years to reach the ultimate maturity."

However, he adds: "Due to the lightning pace of blockchain innovation and adoption across every sector, blockchain is set to irreversibly shake up the global payments system. It will be a snowball effect."

He concludes: "Blockchain will support a payment system that's faster, greener, cheaper and safer than the systems of today - and, as a result, it will be the main driver for the anticipated global surge in digital transactions.

"Blockchain's seismic influence will change how we pay and how we do business forever."

Twitter: @PriorConsults

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

More Info:


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp






News and Research for Bitcoin, Blockchain, Digital Currency Stocks and ICO's

Get more Bitcoin, Blockchain, Digital Currency stock investor ideas - news, articles, podcasts and stock directories

Buy a crypto guest post on Investorideas.com