DecentraNet To Bring Crypto To World Economic Forum

A huge win for crypto enthusiasts this week as the Huffington Post announced DecentraNet will be heading up Crypto talks at the World Economic Forum in Davos, Switzerland from January 22–27th.

The series will feature a variety of influential hosts and speakers from around the world. The idea is that talented professionals from traditional industries can learn more about the potential impact that blockchain technology will have on the world’s biggest industries.

From entrepreneurship and venture capital to energy and infrastructure, the CryptoHQ series will feature a variety of immersive talks, workshops and panels all with one focus: exploring issues ranging from the blockchain revolution in regards to finance to the impact it’s had on addressing some of the healthcare industry’s most complex issues.

While the CryptoHQ series is certainly an event professionals can’t afford to miss, it’s important to keep in mind the purpose of this event. At the end of the day, the goal is to determine how blockchain technology can help solve some of the world’s most enduring problems.

The truth about blockchain technology is that it’s not a replacement for traditional financial systems as much as it is a natural evolution of them.

To understand why, we need to look at some of the most crucial benefits of cryptocurrencies and analyze whether or not they have a place in the future of financial markets.

First off, since we’re already talking about revolutionizing Wall Street, one of the major benefits that investors will notice once cryptocurrency is integrated is the potential for an immediate settlement.

Any investor that’s ever been involved in a major asset transfer is fully aware of the fact that these types of transfers are anything but simple. Sure, the asset might be simple, but the actual transaction process is a tedious mess.

From the very beginning, investors have to deal with ridiculous amounts of paperwork, a variety of different third parties like lawyers, the inevitable delays and the payment of all those fees.

For most investors, this has just become ‘the way things are’. But what if that didn’t have to be the case? What if there was a way to not only make the process more efficient, but cheaper as well?

The interesting thing about the cryptocurrency blockchain is that, in many ways, it’s like a giant property rights database. A Bitcoin contract can be designed and enforced to either eliminate third party approvals or add them. They can also reference external facts readily, or be completed at a future time or date.

And the best part? All of this can be accomplished for a fraction of the cost that’s usually associated with traditional asset transfers.

But there’s more to the world of cryptocurrencies than just investors looking to make major asset transfers. The truth about cryptocurrencies is that they do just as much to support the average person as they do to support investors.

Consider the importance of protecting yourself against fraud and identity theft. Right off the bat, it’s important to note that the very nature of cryptocurrencies protect you from fraud. Since cryptocurrencies like Bitcoin are entirely digital, they simply cannot be counterfeited or reversed by the sender, meaning things like credit card charge-backs are a thing of the past.

Going beyond that, you can see that cryptocurrencies offer a powerful layer of identity theft protection. Consider how your typical credit card works. When you give your credit card to any merchant or vendor, you’re giving them access to your credit line, even if that transaction was only for a small amount.

Why? Because credit cards function on something called a ‘pull’ basis. For the sake of keeping things simple, think of a ‘pull’ basis as something where the store initiates the payment and then pulls that designated amount from your credit card.

Cryptocurrencies protect you because they function completely differently. Instead of working on a ‘pull’ basis, they function on something known as a ‘push’ mechanism. This mechanism lets the cryptocurrency holder send exactly what they want to send to that merchant or vendor, without any further information being necessary.

Not only does this simplify the transaction process, but it builds in a level of protection for the holder, ensuring that no one ever has access to their all of their money at once.

Which perk of cryptocurrency are you most interested in?

Disclosure:

The author has had a working or personal relationship with one or more companies mentioned in this article in the past. Access to mentioned company’s management and information was made through the author’s personal network. All information was vetted prior to posting.

Disclaimer:

This essay is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only.

DecentraNet To Bring Crypto To World Economic Forum was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.