Andreas Antonopoulos Talks Blockchain Benefits For Commerce & Use Cases
The crypto and blockchain expert Andreas Antonopoulos says that it is not important if big institutions or companies embrace blockchain. Instead, he urges consumers to adopt the technology themselves.
During a conversation held at an appearance at the WeAreDevelopers World Congress in Vienna, back in May, Mr. Antonopoulos said that commerce has always been local and technologies like blockchain and virtual currencies helped the industry to become even more so.
“If you think commerce should be person-to-person rather than person to corporation to corporation to Visa to investment bank to MasterCard to corporation to JP Morgan Chase to corporation to person.”
At the same time, he showed the difference between open and centrally controlled Blockchain solutions, like the one that has been implemented by JP Morgan. Andreas Antonopoulos said that large multinationals had too much to lose destroying the hierarchical commerce system that we have been used to in the last years.
He said that it is not important if Amazon, or another important company does not adopt blockchain, but instead, he said that users should use it and build something from it.
With Bitcoin it is possible to transact money without having to trust the other involved and any other party. ‘This is a transaction I cannot do with the traditional banking system,” he explained about it. At the moment Bitcoin developers are working in the Lightning Network (LN) scaling solution and trust is a debate that is present in the community and among developers.
At the moment of writing this article, Bitcoin is the most important cryptocurrency in the market being traded around $6,600 dollars and a market capitalization of $17 billion dollars.