It’s tough to find a middle-ground when discussing cryptocurrency. As Binance CCO Patrick Hillmann noted at a fireside chat in September, “one of the biggest challenges we have is that a lot of the conversation around crypto [falls into two categories].”
On one hand, there’s the idea that the entire industry is a Ponzi scheme, which will disappear in a year’s time. On the other, there’s the belief that crypto will change the world and our fundamental behaviours.
“The reality is it’s not going to be either of those things,” says Hillmann. “At some point, this is going to be an underlying technology which changes the way functions interact with each other.”
It’s not as attractive a statement, but in Hillmann’s view, a more realistic take. Blockchain technology spans various business verticals, and its impact on these fields could vary significantly. Social media could forever be changed by the advent of the metaverse, in a way which is very visible to the end users.
In the finance industry, the effects could be more subtle. Companies like Ripple are integrating blockchain-based payment solutions in partnership with TradFi institutions. In this case, customers enjoy lower transaction fees thanks to blockchain technology, without even being aware of it.
Will blockchain have the same impact as the internet?
“Today, you don’t think about the internet,” says Richard Teng, Regional Head at Binance. “It’s a part of life and has transformed…
