On 16th August, Cheddar news broadcast an interview with Jesse Lund, Vice President [VP] of IBM’s Global Blockchain Market Development, FSS. Recently, many talks have surrounded the cryptocurrency world after the leading cryptocurrencies have shown a downward trend since the beginning of August. Lund speaks about stable coins, payments using blockchain and the future prospects for Blockchain.
When Lund was questioned about what posed as the biggest opportunity for blockchain he said:
” I believe in the transformation of the power of this technology and so I think you know.. just from my routes that the blockchain really has the power to transform financial services.”
In Lund’s opinion, Blockchain technology will have a major transformational impact on financial services as opposed to other industries. Lund also believes that initially, banks have been slow in adopting the Blockchain system. Once the banks start adapting, the world will see some rapid growth happening he says.
Lund believes that blockchain will be able to solve the inefficient infrastructure of the payment system in the world today, global payments in particular. He said:
“if you look back over time, there really hasn’t been much investment in the payments infrastructure on a global scale at all in the last 50 years or so…I think blockchain brings that tipping point where we can really disrupt in the positive sense of the term global payment.”
The VP also shared his views about the role of stable coin in crypto and Blockchain adoption. Lund stated that volatility is the biggest concern in the crypto space right now. However, he believes that it will eventually “work itself out”.
Quoting resistance to the adoption of paper money, he said adoption of cryptocurrencies is seeing a similar resistance now. The role of the stable coin is to suggest an element of stability. He explains:
“So, instead of using an unknown asset like a pure cryptocurrency, what you are using is a digital version of real fiat currency and.. well… I don’t think that’s any better than cryptos and I think ultimately cryptos will catch on and become transactional instrument themselves. I think it provides a bridge to help people get to this next level. “
Furthermore, Lund speaks about their collaboration with Stronghold cryptocurrency trading platform housed by Stellar and its use cases. He says the use cases provided are many. For instance the concept of providing cross-border transactions that are processed in real time which is the real value proposition.
He further said:
“So what we announced in the stronghold was kind of the next step in creating or facilitating a creation of a new digital economy where different types of assets can exist in digital form and then can be exchanged freely between counterparties, no matter where they are in the world. “
In Lund’s view Stronghold have brought U.S Dollars to the Blockchain. This means investors can trade U.S Dollars or use the digital dollars as a transactional instrument to settle online transactions in real time. Dollars can be moved around the world almost with zero friction he added. “It’s a powerful foundation on which to build a whole new type of transactional world,” he exclaimed.
As opposed to others in the crypto world who believe that Blockchain has peaked, IBM believes that Blockchain has not reached its end. He said:
“We don’t see it peak at all. In the circles where we are working and running which is commercial banks all over the world, central banks even we’re still moving on the up check, we don’t have enough resources to respond to the inquiries that we are getting. I think maybe the buzz has peaked a little bit. Certainly, the application potential is just getting going from our perspective.”
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