Blockchain Technology Could Bring a Revolution in Online Security
Co-founder of Ethereum, the second biggest cryptocurrency in terms of market cap, Joe Lubin thinks that the internet is awesome though it is broken. It is probably because of this reason there were security threats. However, he believes that blockchain technology could revolutionize the online security with advantages attached to the new age technology. One of the notable speaker during the two-day MoneyConf in RDS in which about 5.137 persons have attended from 84 countries.
The co-founder of Ethereum pointed out that the internet was not safe historically. He attributed it mainly because of lack of identity construction at its heart. Alternatively, he believes that it was not created with natively-built money, Irish Times reported. Some of the experts have reiterated time and again that the blockchain technology as a secured one though there were hacking in some of the cryptocurrency exchanges in the current year itself.
Lubin said that “We have built a world of internet services that have turned out to be wonderful in so many ways, but they have outgrown the architecture of the internet and the web.” He called for a more reliable and collaborative infrastructure from the public blockchain platform. That is because it could lead to a completely free market design offering low entry barriers.
On the other hand, Square’s chief financial officer, Sarah Friar, thinks that there is enough hype around the financial technology. However, the reality is quite different as most people are making payments only through offline mode even now. Incidentally, the company is founded by Twitter’s co-founder, Jack Dorsey, who thinks that bitcoin could become the single biggest currency in about ten years.
At the MoneyConf, Square CFO pointed out that 20 million small businesses have failed to accept electronic payments in the United States. As far as Great Britain is concerned, half of the smaller companies are not ready to accept them. Incidentally, the market is starting to be a growing one. The payments company is managing over $50 billion in transactions per year.
Banking Is Not Disrupted
Friar also pointed out that banking sector is not disrupted due to digital transformation compared to other industry sectors. However, the change is happening with start-ups showing the way to the rest. In any case, she thinks that it is not an easy thing for the incumbents to disrupt as they come from tech stacks, which are of older in nature. That also makes it harder to nimble and moves quickly.
Friar’s frustration with the banks was quite evident when she said that it was a slow-going process whenever the CFO had to work with banks. She pointed out it might take even three-month for getting a signature for a non-disclosure agreement. That does not bode well for the kind of pace with which the sector is moving forward to innovate.
Meanwhile, the organizer of the Web Summit indicated that it might hold more events in Dublin since it could accommodate a maximum of 20,000 people. That meant MoneyConf would be located in Ireland.