Chief Product and Strategy Officer at CPA Global, Toni Nijm talked with one of the leading channels about “How Bitcoin’s Blockchain Technology will be the Future.” According to him, the Blockchain Technology is far more effective in other industries like real estate, finance, housing, etc. rather than just for the transactions.
Blockchain Benefits Discussion
Talking about the online streaming platform like Spotify or Television or Radio, the expert claimed that the Blockchain’s digital recording capabilities of the information would make the royalties process easy.
He explained it by giving the example of music composer such as by using Blockchain; it will be easier to identify the composer of the music which will help the artists to get royalty amount for their work instantly.
In a statement, he cleared up that big companies like Microsoft, Shell, Google, BP have already invested into the Blockchain projects and will start leveraging the technology. As per his assumption, the finance sector is approx three years away, and other sectors are maximum two to four years away from digging into this technology.
Blockchain is Unhackable
Moreover, the Blockchain is a digital ledger that is managed by millions of computers. It eliminates the risk of hacking which can occur due to the records stored at a single place.
Toni said, “Blockchain is a very safe way for transactions to be made because the technology is almost “un-hackable.”
He states that the huge amount of billion dollars of expense might require to change the history. That too of just one transaction and it needs to arrange at very short notice. Nicky Morgan, the Chairman of Treasury Committee, portrayed the industry linked with Blockchain as the “Wild West.”
“Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets,” she said.
Meanwhile, the Committee believes that the crypto industry should regulate as investors face several risks. After asking about the Government’s interest in Cryptocurrency technology, Mr. Nijm states that he thinks the government stresses about it and they have fewer options to choose from.