How Globally Transformative Change Can Be Created by Blockchain Technology

 It is safe to say that the global cryptocurrency industry had a difficult year in 2022. It started with the price of bitcoin steadily falling from its all-time high of nearly $69,000 and ended with the stunning collapse of the cryptocurrency exchange FTX and the arrest of Sam Bankman-Fried, its disgraced founder and former CEO. The algorithmic stablecoin TerraUSD also went down between those two occurrences, bringing with it the crypto hedge fund Three Arrows Capital as well as the crypto lenders Voyager Digital and Celsius.

Although financial regulators may provide the cryptocurrency industry with some of the guidelines it needs to help build consumer trust in 2023, cryptocurrencies, including any potential digital currencies issued by central banks, are unlikely to have a significant impact beyond their current use cases. However, the world's realization of the transformative power of the blockchain technology that underpins everything is not far off.

PROMOTED We can already see how blockchain technology can change some of the most important industries in the world, such as global finance and banking. Jay Clayton, a former Chairman of the SEC, went so far as to assert that the successful adoption of blockchain technology will determine the future of our financial markets. David Solomon, CEO of Goldman Sachs, has also praised the technology's impact on the financial markets, claiming that it has "far-reaching implications for the global economy."

But what about other than finance? Can self-executing contracts or tokenization ever have an impact that changes the world outside of things that involve money? The response, in my opinion, is a resounding "yes."

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