Blockchain and Ethereum platform could replace banks in raising capital for innovators and small businesses
Blockchain and Ethereum platform could replace banks in raising capital for innovators and small businesses by Ken Schortgen – Rogue Money
A little more than a week ago, Russian President Vladimir Putin met personally with Vitalik Buterin at the St. Petersburg International Economic Forum (SPIEF) to discuss how his creation, the Ethereum Blockchain, could be used to help integrate not only the Eurasian power’s energy industry onto this technology, but also to broach the idea of what it would take to create a sovereign cryptocurrency as well. And when you add in Cliff High’s ongoing forecasts that China is focusing on cryptocurrencies and blockchain technology to facilitate commerce in their Belt and Road projects, then the inevitability of cryptocurrencies and derivatives of the blockchain replacing current financial infrastructures is pretty much a foregone conclusion.
Two things: first, at the current rate of gains in Ethereum market share (and loss in Bitcoin’s), the inflection point between the two will come not in months, or weeks, but perhaps days.
Second, said inflection point may come in even faster if Vladimir Putin has anything to say about it, because as Bloomberg reports, “Ethereum has caught the attention of none other than the Russian president as a potential tool to help Russia diversify its economy beyond oil and gas.” Putin met Ethereum’s young founder Vitalik Buterin on the sidelines of the St. Petersburg Economic Forum last week and supported his plans to build contacts with local partners to implement blockchain technology in Russia, according to a statement on Kremlin’s website. – Zerohedge
History shows that barriers to trade normally reside upon the whims of men and governments, as seen in the 1920’s and 30’s when isolationism and tariffs helped plunge the world into a massive global depression. And even today the West continues to wallow in the dying paradigm of creating ‘Free Trade Agreements’ that are chock full of onerous regulations, restrictions, and quite often benefits to one side over another. And as such trade can be not only complicated when it comes to both production and delivery, but also long in duration as the paperwork to facilitate even one trade can last days or even weeks.
But as the well respected economist and anarcho-capitalist Doug Casey points out from recent examples, use of the blockchain over current bureaucratic trade methodologies turned the duration for approval down from days and weeks to just a few hours.