The Chief Executive Officer of deVere Group, Nigel Green has predicted that Blockchain is set to irreversibly shake up the global payments system faster, cheaper, greener and safer.
The prediction from the CEO of one of the world’s largest financial advisory, asset management and fintech organisations, is coming following the growing adoption of cryptocurrencies like Bitcoin and a flurry of global financial innovation as central banks around the world push to develop their own digital currencies (CBDCs).
“Bitcoin and other cryptocurrencies are reaching the point of critical mass, the moment at which a new way of doing things crosses a threshold and takes hold. Most governments around the world have already realised that digital is the inevitable future of money,” he said.
Green argued that the move towards digital transactions had been taking place for years but has been accelerated since the start of the pandemic. For this reason, and because the likes of Bitcoin are out of their control, they’re in a race to launch digital currencies of their own, fully aware that digital currencies in our digital era simply make sense.
Recent research being carried out by the Bank of Estonia, amongst others, shows that ongoing developments of the already pioneering blockchain technology will empower a payment system that’s more powerful and faster than the card payment and instant payment systems currently used globally today.
In addition, it was found that payments made with this tech used less energy than credit card payments by a factor of 1,400. Blockchain also provides major opportunities for cost-cutting and for enhanced security too – both for financial institutions and users.