World Economic Forum Report, Digital Assets and Decentralized Blacksmithing
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May 9, 2021The World Economic Forum (WEF), which addresses global and regional economic problems, has released a May 2021 report that analyzes the possibility of blockchain or decentralized blacksmithing. Coinpost reported this on the 8th.
The title of the report is’Digital Assets, Decentralized Blacksmithing, and the Future of Capital Markets’ covering 100 pages. It is not about dig into cryptocurrency or NFT (non-replaceable token), but about the use of technology in the capital market where stocks and bonds are traded.
In addition, blockchain technology is considered as one of the distributed blacksmithing technology, and the report combines the two as’Distributed Ledger Technology (DLT)’.
[About the future prospects]
It is pointed out that the World Economic Forum is one of the merits of DLT that when it is introduced into the capital market, it leads to reforms such as simplification of operations. Analyzing the degree of change in the market, saying that the future outlook is uncertain.
According to the analysis of the image above, the use of DLT and smart contracts does not spread when the impact of technology is the least, and the current centralized market continues.
And in the case of most market transformation, it is argued that DeFi (decentralized finance) will become mainstream. It is said that a major change occurs as intermediaries such as companies and banks that provide market infrastructure become unnecessary.
For example, he explained that the means of issuing stocks on the blockchain would bring a very big transformation to the current stock market. He said there is a possibility that many processes can be omitted by listing stocks directly on the public blockchain.
On the other hand, while digitizing the market is inevitable, he pointed out that there are many obstacles to the introduction of DLT. It is said that the introduction may be limited due to the fact that it takes time to connect the existing system and the new solution or that a major change in operation is required.
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FINTECHPOST
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
