Glenn Hutchins: Blockchain Payments Have The Capacity to Revolutionize Finance
According to renowned technology investment guru, Glenn Hutchins, payment systems and platforms that have been developed on the blockchain can revolutionize the finance sector just as the internet changed the information and communication spheres.
Speaking during the Reuters Global Investment Outlook 2020 Summit, Hutchins elaborated that one of the key aspects that attracted him into investing in ICT was the concept of transferring information in the globe at high speed at zero costs. He stated that the blockchain-based payment systems are also aiming at the same, transferring something of value around the globe at high speed at zero costs.
Hutchins made a name as a savvy investor through investment in tech-based company especially during the dot-com boom era in the 1990s and early 2000s. He helped set up Silver Lake Partners which acquired stakes various tech-based companies like Seagate Technology as well as virtual brokerage Ameritrade and stock exchange firm Nasdaq.
Hutchins explained that blockchain-based firms which offer easy and fast payment solutions could be good bets for investment. He explained that the financial industry is moving from lines for tellers and ATM towards more of sending an email transaction.
Although Hutchins left Silver Lake last year, he is still making private investments and recently his family company North Island invested in Digital Assets Data which deals with crypto assets.
Hutchins explained that opportunities in blockchain will not be realized through token speculations but development of digital infrastructure that will aid fresh payment solutions. He added that having the right infrastructure will help in coming up with firms which have the capacity to alter various imperative aspects in the financial sphere.
Hutchins also said that blockchain technology in the financial sector will spread to other parts of the world apart from the US highlighting China as one of the budding technology hubs in the world. Hutchins previously believed in Alibaba and is still a key investor in the company today.
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