As the critics cast doubts on a number of blockchain’s use cases throughout the crypto winter, probably the most prominent community figures organized some things that cement blockchain’s position like a disruptive technology.
On Twitter, FTX crypto exchange Chief executive officer Mike Bankman-Fried highlighted use cases for blockchain and described how some industries may need integrating the tech. Based on Bankman-Fried, blockchain technology can simplify payments, solve stock exchange flaws and transform social networking.
Bankman-Fried stated there are many issues surrounding mix-border payments. The FTX Chief executive officer organized several examples that highlighted lengthy waiting occasions and intermediaries which make the charges greater and frequently add uncertainty to transactions.
Based on the executive, blockchain solves this lengthy-standing issue in finance by replacing the extended traditional process having a simple three-step procedure for the sender developing a wallet, the receiver developing a wallet after which delivering the total amount through. Bankman-Fried contended this eliminates the waiting time, replaces the charge structure and solves the uncertainty factor.
Aside from this, the FTX Chief executive officer also noticed that blockchain can alter the whole stock buying and selling process that has its great amount of flaws. Highlighting issues met using the infamous GameStop short-squeeze where retailers shut lower due to settlement risks, Bankman-Fried stated that tokenizing stocks may be the answer.
26) Say you tokenize stocks.
Rather of waiting a couple of days to stay, you can easily swap AAPL-token <> USD-token on the blockchain. Which, remember, takes about ten seconds and charges about $.0002 in charges.
No remaining settlement uncertainty or risk.
— SBF (@SBF_FTX) This summer 16, 2022
The manager contended that like the methods to payments, tokenized stock buying and selling performed on the blockchain can complete the transactions within seconds, and lower settlement uncertainty with reduced fee structures.
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Lastly, the FTX Chief executive officer stated that social networking is isolated and never interoperable. The manager introduced up the way a single user has to undergo many apps to handle various platform-specific applications.
Bankman-Fried contended that blockchain could possibly make social networking more interoperable, allowing messaging across various platforms. By using public chains, the relaying of messages in one social platform to a different can be done based on the executive.
