Blockchain to banish global economic crises, bubbles

Blockchain technology has the potential to drastically reduce the risk of another global economic crisis, argues Vicky Soneja, blockchain expert and financial consultant, who has worked for Barclays and HSBC.

Speaking with Coin Rivet during the TEKsystems Blockchain Networking event in London last week, he said: “Blockchain technology will help create more jobs, increase trade and build greater trust. Also, more importantly, it has the potential to make banking more transparent and bankers more honest.”

Banks are either experimenting with or already implementing blockchain. “This technology will fuel competition and cooperation among banks, investment firms and other financial institutions, which will benefit the end user with lower fees and better products.”

He also gave his opinion on cryptocurrencies. “Unfortunately, they are way too centralised. Only a few big investors have the major stakes in all cryptocurrencies, which is why they are so vulnerable to volatility. They are constantly manipulating the price of crypto to their advantage.”

He believes this space has no future because “it will never be decentralised, which is in contradiction to the original aim of cryptocurrency.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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