Blockchain Technology to Transform Monetary System

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While bitcoin has had its share of ups and downs in the past years, the underlying blockchain technology has the potential to change the entire monetary system. Renowned futurist Peter Diamandis claimed that the financial system could see an extraordinary transformation in the next decade due mostly to bitcoin-like technology.

“You might have heard of bitcoin, which is the decentralized (global), democratized, highly secure cryptocurrency based on the blockchain. But the real innovation is the blockchain itself, a protocol that allows for secure, direct (without a middleman), digital transfers of value and assets (think money, contracts, stocks, IP),” Diamandis mentioned. “Investors like Marc Andreesen have poured tens of millions into the development and believe this is as important of an opportunity as the creation of the Internet itself.”

Blockchain Technology Protocol

“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things,” Diamandis wrote in Forbes last year. “Most importantly, it is an ‘exponential currency’ that will change the way we think about money. Much the same way email changed the way we thought of mail.

He also predicted that bitcoin or at least blockchain technology will soon gain mass adoption and be a major player in the global economy. He even added that this phase might take place after a couple of years.

Diamandis is also known for co-founding XPrize and Singularity University, which is an educational center dedicated to world-changing applications of disruptive, exponentially accelerating technologies, is based at Moffett Federal Airfield, formerly operated by NASA.. He is the author of “Abundance – The Future is Better than You Think” and “Bold – How to Go Big, Create Wealth and Impact the World”. In June, Singularity University and CNBC will hold the Exponential Finance 2015 conference in New York.