World Economic Forum Optimistic In The Future Of Crypto And Blockchain

JAKARTA Although the crypto market has experienced a decline in recent months, the blockchain technology that underlies cryptocurrencies is claimed to have a bright future.

In an article written by the head of the global Circle (USDC) policy, Dante Disparte, on the official World Economic Forum blog, it is stated that blockchain is not affected by the bearish market. Blockchain can also be realized in various industries, not only in digital assets.

Disparte explained that blockchain technology is being tested by financial institutions in various countries. Both for the development of central bank digital currencies (CBDC) and for the development of Web3 infrastructure.

While the underlying technologies of cryptography and blockchain can be generalized to all industries and coordinate activities (collectively building blocks Web3), experiments on financial services cores, among other sectors, continue relentlessly, "wrote Disparte in the weforum.org blog.

Then, he quoted the US investment and financial management giant JPMorgan, which initially opposed crypto and blockchain, finally adopted blockchain technology for a number of its experimental products. Later, JP Morgan also offered crypto to a number of certain customers.

Furthermore, Disparte compares crypto to other technologies that are commonly used by many people around the world such as internet and email. However, the internet and email are also often misused by criminals, both for hacking and phishing activities. According to him, blaming blockchain technology instead of criminals who use it is the key to problems experienced by crypto and blockchain today.

For the WEF, the best action to perpetuate crypto and blockchain is to "create their dangerous effects by placing technology (such as all tools) in the hands of responsible actors and encouraging responsible use."

Furthermore, he is optimistic that blockchain and crypto technology can be applied in the financial system even though in recent years it has been misused by criminals, causing huge losses to the cryptocurrency world.

Disparte believes whatever happens with crypto or blockchain, both will remain the protagonists in the world of finance. On the other hand, he also mentioned the importance of regulation against the crypto industry. He assessed that countries that are able to provide it while maintaining a competitive approach can shape the industry's future.

On the other hand, the World Economic Forum is also active in discussing crypto sustainability and the use of Web3 technology to fight climate change that hit Earth.