By Wirba Brice Divine Ransinyuy. [email protected]
The reality of the blockchain technology and digital currencies is something far enriching and optimistic in terms of financial settlement and financial resolution is the reality we all needed at one point of our lives and the blockchain technology is absolutely giving us such a reality. Though in a more general term, the blockchain technology is very enriching and satisfying to some users like nations and companies, to others, it is not observed the same way and due to this, there is a question mark surrounding the blockchain technology for them, thereby bringing a reluctance in the establishment of the Blockchain technology and digital currencies in their countries or in their various organizations.
The reality of the blockchain technology and Digital currencies is in such that, it is clear that it has become something you need in the life, either to secure your properties or to keep something around you very secure out of the hands of hackers or people who can get along with it without allowing any tractability and traceability. Despite portraying such importance in our daily activities, some experts like James Chapman who is the research director at the BoC’s funds management and banking department brought out the following statement: “We ought to worry about the financial settlement under the Blockchain technology. At this precise moment, there is no cost-saving consequence compared to the existing central bank system. As a result of this, hacking and other operational risks are likely to occur”. Due to this, countries like the Dutch government have taken the Blockchain technology exploration under serious and heavy scrutiny since they are scared of any eventual attack on their system thereby destabilizing the whole country’s economy leaving them vulnerable to more internal and external attacks be it in the form cyber manipulation.
Many countries prefer to take their time before getting fully in touch with the blockchain technology or any other related digital assets like digital currencies and cryptocurrencies like the renowned Bitcoin. With this, it is not a full guarantee that countries like Holland and Germany will take into consideration the full establishment of the blockchain technology in their system and society, they do so in the scheme of visualizing that there are some particular areas of the society or economy that can be enhanced with the implementation of the distributed ledger technology in their society. After the safe and secure installment and establishment of the blockchain technology, it will be used to keep the track and traceability of specific good and also to share specific and important information between parties and also lead in the empowering of financial applications and financial services.