While Bitcoin still receives a cold shoulder from many mainstream banking and financial institutions, its underlying technology has become the talk of the town. blockchain technology is now being increasingly recognized by many industries, most of whom have already taken enough interest to invest time and money in its research.
As a part of its coverage into bitcoin and blockchain technology, Bloomberg has interviewed Gil Luria from Wedbush Securities about the future of blockchain technology. Wedbush Securities is a leading securities firm and an investment bank in the United states. It offers a wide range of innovative financial solutions through its various divisions.
According to Gil Luria, research and development in bitcoin technology is a constantly ongoing process. The developers involved in the project are constantly striving to make it more robust and flexible.
Even though the digital currency is not keeping up its frequent appearance in the media, its usage for making online payments, cross-border remittance and as an alternative to traditional financial services in places that don’t have access to it. Bitcoin is also being used by people in countries implementing stringent capital controls to transfer their fortune from one place to another.
Gil Luria, in response to the question by Bloomberg’s Joe Weisenthal and Scarlet Fu about blockchain technology, clarifies the difference between bitcoin and its underlying technology. Blockchain is superseding bitcoin when it comes to investments made by big banks and investment firms. Many banking and financial institutions have already invested their time and resources in the development of a private blockchain network for their regular operations. While bitcoin is used for payment applications, blockchain is used for an entirely different range of applications. According to him, blockchain is a vast tool suitable for asset classes while bitcoin serves a much simpler purpose of making payments and executing simple […]
