The World Trade Organization (WTO) has recently revealed that the future of Blockchain technology is bright. Blockchain technology will aid in the trading of goods and will enhance affordability.
Although the WTO’s report is not a secret, it provided a much needed boost to the cryptocurrency industry.
The Blockchain According to WTO
The report highlights problems like Ripple and discusses the scalability issues of the cryptocurrency industry. Additionally, it compares Bitcoin and Ethereum and its specific applications in the Blockchain technology. However, the report casts Blockchain in an overall positive light.
According to Roberto Azevedo, the Director General of WTO, this technology can aid both small and medium enterprises. Additionally it can help to curb organizational costs. Furthermore, it can assist with consumer data protection and an improved trade structure.
While speaking about Blockchain, Azevedo commented, “Beyond easing trade in goods, digital technologies can facilitate services trade and enable new services to emerge. The Report predicts that the share of services trade could grow from 21% to 25% by 2030. Other effects could include, for example, blockchain helping smaller businesses to start trading by supporting them in building trust with partners around the world.”
Future of Ripple & Other Cryptocurrencies
The report mentioned that Ripple is presently the least utilized cryptocurrency. While Azevedo was not too happy with Ripple’s present condition, he believes that the cryptocurrency shows promise.
Roberto, said, “Ripple has ambitions to circumvent the correspondent banking model through its distributed ledger platform. It gives banks the ability to convert funds directly into different currencies in a matter of seconds and at little to no cost, without relying on correspondent banks.”
Although Ripple holds licenses with over 100 banks, most of them do not use it as a token. Furthermore, the report includes the subject of IOTA and helps in machine – to – machine communication.
Notably, IOTA uses Directed Acyclic Graph, which assists in improved machine-to-machine communication. However, Tangle is a more effective solution for the same communication, with more users.
Although none of the information mentioned in the report is unknown, it resulted in a reputation boost for the cryptocurrency industry. This in turn is attracting the attention of investors. They look at cryptocurrencies as a long term solution. However, only time will tell how the Blockchain technology will actually fare in the long run.
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