Blockchain and its Impact on Finance, with Cristina Dolan from iXledger
This week on The Tech Cat Show…
Continuing on with Part Three of our month of Blockchain is Cristina Dolan, Co-Founder and COO of iXledger.
While we had her, trends on blockchain’s impact on finance, and other related industries, as well as its place as a disruptive, innovative technology are just some of the things that were covered. Though all are worthy, here are the four things Cristina had to say that stuck out to us most:
1) What Blockchain Facilities:
Cristina: Blockchain facilitates the ability to take little shards of data that may be owned by a number of providers that may be either good partners or frenemies, but allows them to control the access to that data, but allow that to be accessible to an entity that needs to assemble all these little shards in order to execute a transaction.
2) Blockchain Drives Trust, and That’s Important
Cristina: When trust goes down, compliance and regulatory requirements go up, and that’s expensive and it takes time. So if you can utilize a technology that embeds trust, that means the cycle of contracting, earning, getting paid and then using that money to pay somebody else is shorter. When you shorten that cycle, it’s good for the economy. It’s actually much more effective to use the technology that improves the speed of transactions through trust than it is to use economic easing and throwing all this money out and devaluing money.
3) What’s a Token?
Cristina: Whether you call that a token or not, it still represents an entity. In the blockchains that actually have economic layers, for lack of a better word, these tokens can be considered a token that has a variety of different values that may not necessarily be economic or it’s basically considered a security, in which the regulatory bodies in a variety of different jurisdictions have sort of stepped in to figure out how to define these elements. But in essence, they are a representation of value.
4) What Will Happen as Blockchain Rolls Out?
Cristina: So there will be a lot of disruption, a lot of disintermediation, both in terms of business processes, financial processes. It will be extremely disruptive, while I think it’s also very hard to even conceive or understand how this is evolving because it has so many dimensions to it that are hard to grasp. It’s not just about whether or not a token is regulated or unregulated, there’s so many more dimensions to this technology.
Tune in tomorrow for a recap of our conversation with Tony Winders, CMO and Principal Consultant at The Winders Group, and Alon Goren, Co-Founder of Crowd Invest Summit and CEO of Goren Consulting Group, as we wrap up with Part Four of our month on Blockchain!