The economy tiring us, Episode 71: Journey to Miami and the world of blockchain
It is no wonder that a number of countries, corporations, and major banks have begun to consider the adoption of dealing with blockchain and the related cryptocurrencies as means of payment. Some European countries, such as Germany, have announced the adoption of encrypted currencies as a means of payment. Venezuela created a new currency linked to oil; a crypto-oil currency. Moreover, HSBC aims to adopt the technology of blockchain at its branches. The banking even considered using it for national recording of data, theoretically, given its high levels of confidentiality and safety.
Why? Because blockchain technology is of high quality, safety, and speed. It is impossible to be hacked. It can be adapted according to need. And it is flexible to meet all different clients needs. It has become an important resource for companies, and even many countries, of which some have started to impose taxes on it, such as Australia, while others made the technology tax exempt. In addition, some of the currencies created through it have become a tool for fund raising and repayment of debts and obligations. It has also become a tool to repatriate corporate profits smoothly and at lower fees. There are companies that use it for their logistics system, such as China s Alibaba Group.