CPA Global Expert Predicts Bitcoin’s Blockchain Will Change Financial World Forever
Experts Predict Bitcoin’s Blockchain Will Change Everything
The technology behind Bitcoin and cryptocurrencies, the Blockchain, will be changing and revolutionizing several industries. The cryptocurrency expert Toni Nijm said that every single thing that is related to value transfer or assets will be somehow impacted by this technology. Toni Nijm is the Chief Product and Strategy Officer at CPA Global.
Nijm talked to Express on October 5 about the different aspects related to blockchain technology. He mentions that there is one industry that will be clearly enhanced, and this is the payment sector. However, it is also possible to revolutionize many other areas such as housing, real estate, property and the internet of things, for example.
The technology’s digital ledge capabilities will also be making it easier to identify art pieces, music tracks and ownership rights. This would have a clear effect on the market by having certainty about where the royalties need to go.
He commented on the matter:
“Every time a song is played on the radio or through Spotify or TV you can divide that money out and actually pay out royalties straight away. Today it takes between six and nine months in general for the royalties to be paid out.”
At the same time, he explained that there are several companies working with distributed ledger technology (DLT). For example, JP Morgan created its own blockchain network to transact with other financial institutions and companies. Furthermore, JD.com has implemented a blockchain system to track food and have control over the goods it sells.
“Any company of any significant size has actually started to use this (blockchain),” he commented.
Not only companies are embracing the technology but also governments an institutions. In Chile, the National Commission of Energy has implemented a blockchain system that allows the institution to have a better control over its clients and the services it offers.
In the Netherlands, different companies and governmental agencies are using this revolutionizing technology to improve different processes and reduce costs.