Thibault Schrepel is an Assistant Professor in the Department of Public Economic Law at Utrecht University. He announces to support and adopt blockchain applications by anti-trust authorities.
Earlier this year, the Federal Reserve of Saint Louis, which is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States’ central bank, argued in a study that cryptocurrencies are necessary for privacy protection.
This has prompted some experts to suggest that antitrust authorities should also begin to embrace cryptocurrencies and blockchain.
Privacy Protection With Blockchain
Thibault Schrepel, an assistant Professor in the Department of Public Economic Law at Utrecht University, said antitrust agencies need to be more “vocal about the benefits of cryptocurrencies and blockchain and advise governments not to prevent them” like the central bank.
According to a study by Thibault Schrepel, a research fellow at the Federal Reserve states about cryptocurrencies. The researcher says that it holds a degree of privacy protection that even central banks cannot provide to customers.
“While central banks can play a useful role in setting standards for payments privacy, they are unlikely to have a comparative advantage at providing privacy,” Charles M. Kahn explained in the abstract of the study.
Even though the price of Bitcoin and other cryptocurrencies have performed woefully this year, Charles M. Kahn argues. He says cryptocurrencies create a new competitive offering as a way they function and they are here to stay.
Blockchain Is More Than Just Cryptocurrencies
Thibault Schrepel, who’s also a reviewer at the Stanford Journal of Blockchain Law & Policy, believes the edge blockchain has over other applications is privacy protection and transparency. And that various platforms would start emerging that have a narrower focus and specific purpose to meet consumers’ privacy needs.
Data on blockchain is independently verified by some or all of the network’s participating or stakeholders. This decentralised model makes the blockchain trustworthy.
Ethereum co-founder, Vitalik Buterin, at Devcon also alluded to the fact that though cryptocurrencies dominate the blockchain industry, there are non-payment applications with real use cases. He gave the example of a blockchain platform in Singapore that is trying to authenticate university degrees.
Antitrust authorities have had a busy 2018 having to deal with privacy invasion by Cambridge Analytica and Facebook. In Europe, the General Data Protection Regulation came into existence to protect private citizens. Since there are definitely questions about consumers’ privacy, Thibault Schrepel says antitrust authorities should start considering cryptocurrencies and other blockchain solutions. Antitrust agencies should, therefore, lend their support to the continuous development of the blockchain.
“If even a Fed is now pro-crypto-currencies, antitrust regulators should jump on the wagon without fear. After all, blockchain creates a new alternative by offering real privacy protections. This ultimately put more power in the hands of consumers,” Thibault Schrepel concluded.
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