|Cryptocurrency Tech Could Disrupt Medicine, Housing and More: Here’s How|
Cryptocurrency Tech Could Disrupt Medicine, Housing and More: Here’s How
Technology and investment expert, Adrian Rubin has been a major supporter of the latest developments in the world including the Internet of Things. Interconnectivity and cryptocurrency trading are the two main areas of interest for Rubin as he looks to the future of modern society.
In 2009, the cryptocurrency, Bitcoin was created under the innovative mind of Satoshi Nakamoto who also established the Blockchain technology used to record every cryptocurrency transaction. Adrian Rubin and his fellow technology experts have often been among the first to praise this new form of currency but also to highlight the concerns many have about cryptocurrency. The development of cryptocurrency was originally designed to change the way business is completed and reduce the power of governments and major corporations. In fact, many believe the opposite could be true and the disruption could lead to issues for society including the rise of authoritarian groups.
Disrupting the global economy
The global economy is the way in which the world keeps control of its finances with any dominant group looking to keep control in the same way as the U.S. has used its own dollar as the standard for international trade. Cryptocurrency does indeed have the potential to disrupt the global economy by changing the way we view money, according to Medium.
Housing and medical costs are all rated against the strength of the U.S. dollar which means any change in the standard for international trade could have a significant impact on the economy. Cryptocurrency and the Blockchain technology associated with its launch are all showing the need for physical currency is no longer a requirement.
Authoritarianism could rise
When Bitcoin was launched as the first cryptocurrency the idea was said to be a lasting change to the dominant financial landscape which has remained unchanged for centuries. The Atlantic reports the centralization of regulated Cryptocurrency markets could give rise to a form of “Big Brother” monitoring every move made by investors and everyday people of the Blockchain ledgers maintained by government agencies.
Adrian Rubin and his fellow tech experts believe one of the major issues facing the changing financial markets is the dominance of a single agency dominating the global cryptocurrency markets. An example often cited is the growing number of Chinese companies mining for coins which could give rise to a single dominant monopoly rising up and manipulating the global cryptocurrency market for its own ends.
The decentralized nature of the cryptocurrency markets is currently providing a glimpse at a future where every individual in the free market economy has the ability to become wealthy from this form of virtual currency. As the Government of Belgium begins taking steps to centralize and regulate the cryptocurrency markets the ability of a single corporation or major nation to damage the economy of any country with market manipulation becomes a very real possibility.