Blockchain owns some traits that are able to disrupt whole economic sectors. It has been seen in the financial field after the cryptocurrency boom and its consequently newborn exchange market. In fact, these have been the cornerstones in which the blockchain technology have made its way through to truly become mainstream. The questions now rise up by themselves: Is it blockchain ready to move on into new sectors? And, more importantly, what’s the future of this, commonly said, new breakthrough?
Changpeng Zhao is Binance Exchange CEO, and one of those entrepreneurs that believed in the blockchain since the first moment and has some ideas on where the future of the blockchain lies. According to this business man, decentralisation, upgrading some current and already-out-of-date blockchain platforms and a ever-growing crypto-based monetary and financial system are his bets for what’s the near future of blockchain.
In fact, by 2020, CZ, how Changpeng Zhao’s friends call him, says “we’ll see broader use of blockchain-based messaging, games, social networks and rating systems. The next stage after that will be e-commerce,” he recently said in an interview carried on by Fortune’s expert Jeff John Roberts.
Indeed, we are at that point in blockchain development where its extended acceptance across the business’ more important minds are at its highest. And they are using this distributed ledger technology on practically any new project that requires data records or tracking transactions of any kind. This allows to more and more entrepreneurs, big and small, to experiment with it in real-life companies, far beyond the cryptocurrency ecosystem, and in upgraded ways never seen before.
Within that experimental trial-and-error context, Changpeng Zhao believes that the world that’s coming is going to be more decentralized than it has ever been. For instance, technologies such blockchain promote a one-of-a-kind share-based businesses that completely change the ownership within the digital. Moreover, and what’s even more important, this decentralized system will end up altering the user’s culture.
Decentralization has started already, and on example lies on the decentralized Applications on the blockchain or dApps. According to BlockchainHub, dApps “are applications that run on a P2P network of computers rather than a single computer. dApps, have existed since the advent of P2P networks. They are a type of software program designed to exist on the Internet in a way that is not controlled by any single entity.” The ownership, thus, is shared by all the participants within the platform.
Changpeng Zhao’s company, Binance, has adquired this week TrustWallet, “a wallet app that also serves as a browser for decentralized applications (dApps). The move is a bet by Binance that more people will start using decentralized services, which provide more privacy since they don’t rely on servers controlled by any single organization,” as Fortune pointed out.
At the same time, CZ pushes forward his plan to build a decentralized financial system, taking over the old Bitcoin legacy. His company has started an impressive new project along with the country of Malta to build a decentralized community bank using their own blockchain to operate from.
Binance’s next step is to build a brand new blockchain-based platform. This fact comes along after CZ surprisingly thinks that currently deployed blockchain will end up in the trash bin any time soon. For him, the likes of Ethereum, Eos or Divinity “are poised for long-term success because they are too slow. While this criticism has long been leveled at Ethereum, CZ says any blockchain designed for general smart contracts (as the current competitors are) won’t be swift enough. Instead, he thinks the existing blockchains will cede the field to more specialized ones.” he mentioned in the interview.
Last but not least in the blockchain tale, Binance’s CEO really predicts an even bigger and healthier financial ecosystem for cryptocurrencies. He represents one of the biggest exchange of the world, Binance, which claimed a profit last year between $500 million and $1 billion. Asked if competitors are seen as a menace, he said that he doesn’t want to compete with Coinbase and Gemini in the US as his main goal is to promote the use of cryptocurrencies and leverage the blockchain technology to a higher status.
The idea of building up a community and decentralized bank in Malta while working hand-to-hand with government officials is by itself a whole new step for the blockchain. Changpeng Zhao seems that has taken over the bitcoin old objective, working for a fairer and more decentralized financial system while, as he said about his competitors in his business, cooperating to reach so. Satoshi Nakamoto should be happy that there are still some developers trying to follow his legacy.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.